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Mrs Gladys Ghartey (left), a representative of  the Ministry of Finance, interacting  with Mr Sam Ato Gaisie (right), President of Entrepreneurs Foundation Ghana (EFG)
Mrs Gladys Ghartey (left), a representative of the Ministry of Finance, interacting with Mr Sam Ato Gaisie (right), President of Entrepreneurs Foundation Ghana (EFG)

Micro, small and medium enterprises day marked

Ghana celebrated the United Nation’s (UN’s) Day for micro, small and medium  enterprises (MSMEs) yesterday, with an assurance from the Minister of Finance, Mr Ken Ofori-Atta, that the government has instituted pragmatic measures to address the challenges of the sector.

Describing the sector as one of the backbones of the economy, Mr Ofori-Atta said although the sector was a key contributing factor to the local economy, contributing 70 per cent of Gross Domestic Product (GDP), it was saddled with so many challenges that were affecting its performance.

The UN General Assembly adopted June 27 as the International MSMEs Day in recognition of the role of MSMEs in achieving the Sustainable Development Goals (SDGs) and their contribution to the growth of economies worldwide – especially in the context of developing countries.

In a statement read on his behalf at a ceremony to mark the day in Accra, the Finance Minister said the government would address the challenges of the sector such as limited access to medium to long-term credit, high cost of credit, and non-availability of suitable technology, low production capacity, unstable exchange rates, high production and running cost of doing business, high utility and high taxes.

The ceremony, marked under the auspices of the Ministry of Finance and the Ministry of Trade and Industry, was a platform for chief executive officers (CEOs) in the sector to dialogue with the government on how to enhance the sector to accelerate national development.

It was held on the theme “Facilitating economic growth of MSMEs through global partnership” and brought together more than 50 CEOs in the sector.

Policies to address MSME challenges

Mr Ofori-Atta said, “Some specific policies which the government intends to implement in the short to medium term to address the problems of MSMEs included the establishment of an industrial development fund to help finance critical initiatives.”

Other policies, he said, included realigning the focus of the Ghana Investment Promotion Centre (GIPC) to attract financing and investments into selected strategic industries and creating a dedicated quality and reliable energy supply sources to industrial enclave and zones.

A Deputy Minister of Trade and Industry, Mr Carlos Ahenkorah, in a statement read on his behalf, assured players in the sector of the government’s readiness to roll out strategic interventions to transform MSMEs.

He encouraged the MSMEs to exchange ideas to improve the quality of their products and services, as well as help them to respond to the challenge of global competition.

CEO’s remarks

For his part, the CEO of Beige Capital, Mr Mike Nyinaku, urged actors in the sector to enhance their operations through proper branding and adherence to international standards, to enable them to compete on the international market.

Making a contribution, the CEO of Omni Bank, Mr Philip Oti-Mensah, asked financial institutions to take responsibility for providing credit to MSMEs in a manner that would suit their needs.

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