Ministry of Trade and Industry
Government, through the Ministry of Trade and Industry (MoTI), is embarking on an industrial transformation agenda to change the face of Ghana’s economy.
It is set out in a 10-point thematic agenda, one of which is the promotion of Small and Medium Scale Enterprises (SMEs) development.
Achieving this objective requires the formulation of a National Micro, Small and Medium Enterprise (MSME) Policy for Ghana.
The MSME Policy, therefore, seeks to provide the administrative, regulatory, institutional and legal framework for the growth and development of the MSME sector. Ultimately, the policy is expected to stimulate the growth of MSMEs to produce world-class products and services that can compete locally and internationally.
This will provide a supportive enabling environment and interventions of technology transfer, entrepreneurial culture, skills development, access to finance and market facilitation.
The policy will be a government tool to coordinate and consolidate public resources, provide clear guidelines and the needed regulatory framework to businesses, prospective investors, development partners, financial institutions, service providers and other stakeholders to promote the development of the MSME sector.
In line with the special initiative, three zonal consultative stakeholder workshops have been planned.
The first is currently underway at the Coconut Grove Regency Hotel in Accra in the southern zone.
This will be followed by similar ones in the Middle and the Northern Zones which will be held simultaneously in Kumasi and Tamale respectively on 15th November 2018.
The consultative stakeholder workshop, which is expected to bring together all industry giants, players, movers and stakeholders both from the private and governmental level, will be attended by the Sector Minister Alan Kyeremanten and his two deputies, Robert Ahomka-Lindsay and Carlos Ahenkorah.
According to data gathered from the Integrated Business Establishment Survey (IBESS, 2016), the Ghanaian MSMEs constitute about 92% of all businesses in Ghana.
They account for about 85% of employment in manufacturing sector, and contribute about 70% to Ghana’s Gross Domestic Product (GDP).
These enterprises are an integral part of the Ghanaian economy and promote the development of the different structures of society through the generation of employment to vulnerable groups, including women, youth and low-skilled workers.
The national policy will foster job creation and income generation through the promotion of new and existing MSMEs.
This will subsequently improve competitiveness in the sector and enhance the participation and contribution of MSMEs to boost the Ghanaian economy.