On Wednesday, June 9, under the Ghana Economic Transformation Project, which is backed by the World Bank, President Akuffo Addo launched the Ghana Enterprise Agency (GEA), the National Micro, Small and Medium-Scale Enterprises (MSMEs) and Entrepreneurship Policy, and the GEA Grant Support for SMEs.
According to the President, GEA is now the apex body to coordinate and promote the growth and development of MSMEs in the country.
“The Act establishing the Agency makes GEA the apex body to co-ordinate and promote the growth and development of MSMEs in the country. Ghana Enterprise Agency will lead the way in creating a dynamic MSME ecosystem and entrepreneurial community to help propel Ghana’s growth,” President Akufo Addo said.
“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 programs to formalize and support the informal sector, and design interventions to support MSMEs in the country,” he further added.
Given this new establishment, President Akufo Addo launched the Ghana Enterprise Agency SME Grant Fund. The fund will among other things disburse a total of GH¢145 million to two hundred and fifty (250) to three hundred and fifty (350) SMEs to help them recover from the effects of Covid-19. Also to support sustainable growth and development of businesses that compete on a regional, continental and global level.
President Akufo Addo explained that MSMEs were targeted for this benefit due to the sector employing over 80% of the workforce and generating over 70% of the Gross Domestic Product (GDP).
“We cannot realize 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,” Akufo Addo stressed.
The President also reiterated that Government will not relent in its efforts to support entrepreneurs and MSMEs.
“We know there is more work to be done, and we are doing the work. We will not rest on our oars. The 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 revitalize and transform the economy. It, indeed, anchors bright prospects for the medium-term,” the President said.