Government invests over GH¢800m in MSME sector in 6 years
The Government has allocated over GH¢800 million towards strengthening and developing the country’s micro, small, and medium enterprise (MSME) space since 2017, according to Kosi Yankey-Ayeh, CEO of the Ghana Enterprises Agency (GEA). This significant investment has supported more than 900,000 MSMEs across the nation, playing a crucial role in driving economic growth and prosperity, particularly in the face of global economic difficulties caused by the COVID-19 pandemic and the Russia-Ukraine conflict.
Speaking at the 2023 MSME Day, themed “Building resilient and sustainable MSMEs to create one million jobs,” Yankey-Ayeh emphasized the positive impact of the investment, with beneficiaries witnessing business development and communities benefiting from the resultant growth. Recognizing the accomplishments achieved so far, Yankey-Ayeh stressed the need for continued efforts to bring more entrepreneurial dreams to life.
As the apex government agency mandated to promote and develop the MSME sector, the GEA remains committed to strengthening the capacity and competitiveness of MSMEs, maximizing their contributions to Ghana’s economic and social development. The agency has implemented various initiatives, including training and capacity-building programs, business advisory services, and financial assistance, equipping MSMEs with the necessary tools for growth. The GEA’s aim is to support long-term success for these businesses.
Through strategic partnerships with regulatory bodies such as the Food and Drugs Authority, the GEA has streamlined bureaucratic processes, reducing constraints faced by MSMEs in formalizing and mainstreaming their operations. By providing access to financing, mentorship, training, and networking opportunities, the GEA aims to help entrepreneurs turn their ideas into thriving businesses, aligning with President Akufo-Addo’s vision for entrepreneurship and economic progress.
The government’s continued commitment to the MSME sector reflects its recognition of the pivotal role played by these businesses in shaping Ghana’s economic landscape. With ongoing support and an enabling environment, MSMEs are poised to contribute further to the country’s growth and prosperity.
