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Akufo-Addo launches Ghana Enterprise Agency

Akufo-Addo launches Ghana Enterprise Agency

Akufo-Addo launches Ghana Enterprise Agency

President Nana Akufo-Addo, has launched the

Ghana Enterprises Agency (formerly NBSSI), the National Micro,

Small and Medium-Scale Enterprises (MSMEs) and

Entrepreneurship Policy, and the GEA Grant Support for SMEs.

This fall under the Ghana Economic Transformation Project,

which is backed by the World Bank.

Performing the launch on Wednesday, 9th June 2021, at

the Kempinski Hotel, in Accra, the President described the event

as “a happy day for our nation’s micro, small

and medium-scale enterprises (MSMEs)”.

He indicated that the National Micro, Small and Medium Enterprises

and Entrepreneurship Policy is the first of its kind in Ghana.

He added: “it is a policy designed to direct the growth of the sector,

provide clear policy direction and opportunities for all actors

within the MSME space, to enable them to contribute

meaningfully towards the development of the country”.

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President Akufo-Addo told the gathering that the

Ghana Enterprises Agency has been prescribed by the

National MSME and Entrepreneurship Policy to implement the Policy.

“The Act establishing the Agency makes GEA the apex body

to co-ordinate and promote the growth and development of

MSMEs in the country. GEA will lead the way in creating

a dynamic MSME ecosystem and entrepreneurial community

to help propel Ghana’s growth,” he said.

The President continued, “The policy direction is to reduce,

if not eliminate, the duplication of efforts currently being

witnessed in the MSME sector, ensure the judicious use

of resources, implement programmes to formalize and support

the informal sector, and design interventions

to support MSMEs in the country”.

To this end, President Akufo-Addo indicated that the

GEA SME Grant Fund has been established to support SMEs

to recover from the effects of COVID-19, and also help them

to resuscitate their operations under the

Ghana Economic Transformation Project.

Disbursement of this grant, amounting to one hundred and

GH¢145 million, he stressed, will be made to 250 to 350 SMEs

to help them grow into sustainable businesses, capable of

competing on the regional, continental and global stages.

 Support to MSMEs

In his speech, Akufo-Addo indicated that he came into office,

in 2017, with the vision of transforming the structure of our

economy, from one characterized by being mere producers

and exporters of raw materials, to a value-added, industrialized one,

which will create the necessary numbers of jobs needed

for the teeming masses of Ghanaian youth.

“We cannot realise this vision fully without creating and

strengthening an agency for the MSME sector to play a lead

role in the transformation process. One might ask, why MSMEs?

The answer is simple. It is because the sector employs more

than eighty percent (80%) of the workforce, and generates some

seventy percent (70%) of the Gross Domestic Product,” he said.

That is why, at the height of the pandemic in Ghana,

the President noted that Government announced and

implemented the Coronavirus Alleviation

Programme Business Support Scheme (CAPBuSS).

“The goal was to limit the impact of the pandemic on job

losses and livelihoods, by supporting MSMEs.

Administered by the then NBSSI, now GEA, the novel

seven hundred- and fifty-million-cedi (GH¢750 million) stimulus

package from Government to the private sector provided relief

to various business, in order to help sustain them,

and help keep staff on the payroll,” he said.

President Akufo-Addo continued, “Government further partnered

with the Mastercard Foundation, again through NBSSI, to advance

to MSMEs an additional amount of ninety million cedis (GH¢90 million),

as part of the NBSSI/Mastercard Foundation Covid-19 Recovery

and Resilience Programme, also referred to as the nkɔsuo programme

for MSMEs, in line with Government’s priority to achieve

economic transformation, COVID-19 notwithstanding.”

To date, he stated that some three hundred thousand (300,000)

businesses have benefited from these interventions.

“We know there is more work to be done, and we are doing the work.

We will not rest on our oars. Government is working systematically

to ensure that we find more solutions to support

entrepreneurs and their MSMEs to fuel their growth.

The one hundred-billion-cedi (GH¢100 billion) Ghana CARES

‘Obaatampa’ project is one such innovative initiative,

which will revitalise and transform the economy.

It indeed, anchors bright prospects for

the medium-term,” the President said.

 

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