Role of Micro, Small and Medium enterprises in growing Ghana’s GDP underrated – Adwoa Safo

The Minister of State In-charge of Public Procurement, Sarah Adwoa Safo has reiterated the key roles Micro, Small and Medium Scale Enterprises (MSMSEs) play to support the Ghanaian economy and has declared the position of government as far as their development is concerned.

Micro, Small and Medium Scale Enterprises which employ approximately 200 persons have over the years been gradually wiped out, not exceeding five-six years after their set up.

However, the dynamic roles of these Micro, Small and Medium Scale Enterprises in countries like Ghana according to the minister cannot be overlooked, thus government’s commitment to supporting their growth.

Speaking at the United Nations Office for Project Services forum, targeted at creating a thriving ground for local MSMEs with a focus on women and youth-owned businesses, Adwoa Safo said, in countries like Ghana, the roles of such organizations which accounts for about 92 percent of businesses must be highly emphasized as they significantly contribute to the country’s GDP.

“…Micro, Small and Medium Enterprises are key contributors to Ghana’s economy. They play an increasingly important role in the socio-economic growth and development of our country. Therefore, MSMEs have a crucial role in stimulating the growth and development of our country and in generating employment and contributing to poverty alleviation in Ghana.”

She added that, “The importance of Micro, Small and Medium Enterprises approximately, contribute about 70 percent to Ghana’s Gross Domestic Product and account for about 92 percent of businesses in Ghana.”

Highlighting government’s efforts towards supporting MSMEs, she added that to achieve the president’s Ghana Beyond Aid agenda, “government is committed to building the capacity of our Micro, Small and Medium Enterprises in order to achieve this objective.”

Despite numerous efforts by previous governments and successive governments and agencies to supporting MSMSCEs, most of such businesses fail to reach equilibrium and achieve viable outcomes.

The minister was speaking at the 5th UNOPS forum, Wednesday 24, 2019 at the Alisa Hotel in Accra.