Formalizing the informal sector and developing basic infrastructure are among reasons why government is developing a national policy to handle all related activities within the Micro, Small and Medium Enterprises (MSMEs) in Ghana.
The policy which is in its draft form at the moment would enable government to embark on an industrial transformation agenda that would change the face of the economy of Ghana, the Ministry of Trade and Industry which is leading efforts towards its formulation believes.
At a stakeholders’ consultative workshop on the draft national MSME policy in Tamale, a representative from the Ministry of Trade, Mickson Opoku, said the policy when it takes effect would subsequently improve competiveness in the sector and also enhance the participation and contribution of MSMEs to boost the Ghana economy.
MSMEs constitute about 92 percent of all business in Ghana and contribute to the Gross Domestic Product through manufacturing and employment for many Ghanaians; hence Mr. Opoku said government, considers the sector very relevant and hopes to reduce the challenges faced by the MSMEs including being unable to compete with counterparts from elsewhere.
The MSME policy which is being worked on with relevant stakeholders like the National Board for Small Scale Industries (NBSSI); would provide the administrative, regulatory, institutional and legal framework for the growth and development of the MSME sector with objectives which include enabling government to co-ordinate and consolidate public resources, providing clear guidelines and the needed regulatory framework to businesses, prospective investors, development partners, financial institutions, service providers and other stakeholders to promote the development of the MSME sector.
The Tamale workshop which is funded by the Business Sector Advocacy Challenge BUSAC fund, brought together various representatives from MSMEs, financial institutions and governmental institutions and is one of zonal workshops; to whip up interest among MSMEs and for them to make input into the draft.
Raphael Amiagah, of the Economic, Financial and Analysis unit of MoTI, who took stakeholders through the overview of the policy draft said the MSME policy captures among others; entrepreneurship, financing, research and technology and is to help tackle bottlenecks in trade related activities by individuals and businesses under the sector.
Some participants made inputs that are expected to be featured into the final draft, paving way for approval and for it to become a working document by government and others stakeholders.
