On Wednesday, June 9, the Government will launch the Ghana Enterprises Agency (GEA) to replace the National Board for Small-Scale Industries (NBSSI), which has been in operation for more than 30 years.
Speaking at a press briefing on Sunday, June 6, 2021, the Executive Director of NBSSI, Mrs Kosi Yankey-Ayeh said the rationale behind the NBSSI name change falls in line with the growing demands of the Micro Small and Medium Enterprises (MSME) sector. The focus is to ensure that the MSME industry is better positioned and regulated and to also provide the needed support to businesses under this sector for transformational growth and development.
“The importance of this in the promotion and development of the MSME sector cannot be undermined because of what it does for the economy in terms of strengthening and growing it, in terms of job creation, in terms of wealth creation, and even improving the quality of life of Ghanaians,” Mrs. Korsi Yankey-Ayeh said at the press briefing.
NBSSI Name change – The Act
It is important to note that The Ghana Enterprises Agency Act, 2020 (Act 1043), was passed by Parliament in November 2020 and approved by President Akufo-Addo in December 2020.
Mrs Kosi Yankey-Ayeh also announced a new grant support GHC100 million under the Ghana Economic Transformation Programme to be launched on Wednesday. The grant support is to provide MSME with the needed financial support to grow their businesses.
The Micro Small and Medium Enterprises (MSME) sector is said to make up about 92% of all registered businesses in Ghana and employs about 85% of the manufacturing workforce, contributing to about 70% of Ghana’s Gross Domestic Product (GDP).
During the press briefing, Mrs Kosi Yankey-Ayeh also noted that the NBSSI’s annual budget had increased from GH¢20,000 in 2016 to GH¢500 million currently.