Alan Kyerematen in a pose with some CEOs
Alan Kyeremanten, Minister of Trade and Industry, has disclosed that plans are far advanced for government to restructure the National Board for Small Scale Industries (NBSSI) to meet the needs of Small and Medium-scale Enterprises (SMEs) and boost Rural Enterprises Development.
The Minister, who represented President Nana Akufo-Addo at the maiden edition of the Ghana SME CEO Summit &Expo 2017 held at Kempiski Gold Coast City Hotel in Accra, indicated that government was putting in place the necessary institutional mechanisms that will consolidate all the support services being offered to SMEs under a single entity.
The theme for the event, which well- attended by CEOs, was ‘Scaling Up SMEs for inclusive Growth, The CEO and Government as Drivers.’
Mr. Kyeremanten explained that the single entity would among others be mandated to offer services in the areas of access to financing, capacity building and technology transfer.
“The number one priority of government is to create massive jobs for our people through industrialization and entrepreneurship drive led by the private sector and immensely supported by government with specific policies and programmes,” he stated.
The theme of the 2018 Economic Policy Statement and Budget “Putting Ghana Back to Work” reflects governments resolve to revitalize the entrepreneurial spirit in Ghanaians.
The Minister urged Ghanaian SMEs to offer quality products and excellent customer services, adding that they should take advantage of opportunities to expand and retain market share.
Maxwell Opoku-Afari, First Deputy Governor, Bank of Ghana (BoG), averred that the strong fiscal adjustment measures and corrective monetary and financial sector policies are beginning to see some consolidation.
The unwinding fiscal and current deficits, which have led to declining inflation, relative stability in exchange rate and rebounding in business and consumer confidence, among others, are positive indicators for SMEs to thrive, he added.
According to him, Monetary Policy Committee has accordingly lowered the policy rates by 450 basis points to 21%; similarly, interest rates on the money markets, including banks’ lending rates, have equally come down by some 150 points.
“We have seen a strong rebound in economic growth: real GDP growth reached 9% in the second quarter of 2017 compared to 1.1% in same period of 2016.
The First Deputy Governor further stated that the Central Bank has adequate measures in place to ensure that the financial sector is stable and sound for banks to undertake effective financial intermediation for accelerated growth.
Ernest De-Graft Egyir, CEO of the Chief Executives Network Ghana Limited, organizers of the event, reiterated that SMEs, which he referred to as economic-fly wheels of Ghana, must begin to grow.
He explained that the government and the CEO entrepreneurs are drivers in creating growth through SMEs in five key areas- infrastructure, regulation, capacity, finance and business linkages.
By Solomon Ofori