Over GH¢800m injected into MSME sector in 6 years – GEA

Government has invested over GH¢800million in strengthening and developing the country’s micro, small, medium enterprise (MSME) space since 2017, Chief Executive Officer (CEO) of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, has revealed.

The investment, which has benefitted over 900,000 MSMEs across the country she explains, has been crucial in driving the country’s economic growth and prosperity in the face of global economic difficulties caused by the COVID-19 pandemic and Russia-Ukraine conflict.

“Beneficiaries have seen their businesses develop and their communities benefit from the positive impact they have had. These successes mean that we cannot rest on our oars; we must work harder to make many more dreams come to life,” Mrs. Yankey-Ayeh said.

She said this at the 2023 MSME Day, which was under the theme ‘Building resilient and sustainable MSMEs to create one million jobs’.

Commenting on the theme, Mrs. Yankey-Ayeh assured that GEA will not relent in its quest to strengthen the capacity and competitiveness of MSMEs and maximise their contributions to the country’s economic and social development.

“As the apex government Agency mandated to promote and develop the MSME sector, we are proud of the role we play in supporting the MSME sector to grow; and we take pride in the fact that businesses are embracing and utilising all the support services we churn out for their continuous improvement and growth,” she stated.

“Your relentless efforts, entrepreneurial spirit and unwavering dedication have played a crucial role in driving Ghana’s economic growth and prosperity; and we ought to recognise and celebrate the immense contributions made by you, our MSMEs, in shaping our nation’s economic landscape,” Yankey-Ayeh added.

Over the years, the Agency through government has embarked on a number of initiatives with the objective of fostering an enabling environment for MSMEs to thrive. She stated that training and capacity-building programmes, business advisory and financial assistance have equipped MSMEs with the right tools to put them on a trajectory of growth.

“We will continue to do so to help them succeed long-term,” Yankey-Ayeh assured.

Thanks to partnerships with institutions including the Food and Drugs Authority and other regulatory bodies, the GEA said it has streamlined bureaucratic processes and reduced the constraints MSMEs face in mainstreaming and formalising their operations.

“We have always believed in helping MSMEs to thrive,” Mrs. Yankey-Ayeh said. “We understand the essence of providing them with access to financing, mentorship, training and networking opportunities. These are the building blocks of President Akufo-Addo’s entrepreneurial vision, and we believe by making these our guiding policies we will be able to help many entrepreneurs move from ideas to thriving businesses,” she added.