The Honorable Minister of Trade and Industry, Hon. K.T. Hammond, has in honour of the 2024 International MSME Day, on Thursday 27th June, 2024, officially launched the National Ghana Enterprises Agency (GEA) (Classification of Micro, Small and Medium Enterprises) Regulations, 2023 (L.I. 2470) at the Best Western Premiere Hotel in Accra.
The sector Minister indicated that, the regulations provide a clear and comprehensive framework for defining and categorizing MSMEs in Ghana.
According to him, beyond their economic impact, MSMEs are a driving force for innovation and the attraction of talent into new and emerging industry sectors. They are a critical component of Ghana’s strategic blueprint for diversifying its non-oil economy and play an integral role in fostering job creation as well as driving sustainable economic growth.
“Notwithstanding, their agility and skill, which enable MSMEs play a pivotal role in shaping the future of Ghana as a vibrant regional and indeed global business hub, in the dynamic landscape of modern business, micro, small and medium enterprises (MSIMEs) often find themselves grappling with limited resources while striving for growth and competitiveness, He said.
Hon. K.T Hammond reiterated that Government is not oblivious of the challenges confronting the MSMEs sector. It is worthy of note that the Government has since 2017 been addressing these issues through the Ghana Enterprises Agency to ensure that MSMEs can operate efficiently to create jobs and contribute to the socio-economic development of the country.
“On this note, I particularly commend Mrs. Kosi Yankey-Ayeh, CEO of GEA, for her dedication in helping to address these challenges.
The Ghana Enterprises Agency (GEA) is driving entrepreneurial growth through innovative programmes.
In collaboration with the Mastercard Foundation, the GEA in the recently launched “Business in a Box” Project, equips aspiring entrepreneurs with the requisite tools for their enterprises, He commended.
On her part in her address, the Chief Executive Officer of Ghana Enterprises Agency (GEA), Mrs. Kosi Yankey-Ayeh, said the theme for this year’s celebration: “MSMEs and the SDGs: Leveraging the Power and Resilience of Micro, Small and Medium Enterprises to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises” encapsulates the vital role that MSMEs play in our collective journey towards sustainable development and poverty eradication.
She emphasized that, “MSMEs are the heartbeat of our economy and are central to our efforts in achieving the Sustainable Development Goals (SDGs), which aim to transform our world by 2030 through goals such as eradicating poverty, promoting decent work, and ensuring inclusive and sustainable economic growth.
At GEA, we recognize the critical role MSMEs play in driving economic growth, creating employment, and reducing poverty.
We also acknowledge the challenges they face.
Over the years, we have been unwavering in our commitment to develop and support the MSME Sector in Ghana to grow and contribute meaningfully to the growth of the national economy.”
Their Initiatives and Programmes she said, ranges from providing capacity building, access to finance, Access to Markets, coaching, mentorship and access to Technology have been designed to create a conducive environment for MSMEs to thrive and compete effectively, not only in the domestic but also in the international space.
Mrs. Kosi underpined, “Our efforts have yielded remarkable results. We have supported over 1.3 million businesses and potential entrepreneurs, established over 56,000 new businesses and created over 100,000 new jobs from 2017 to 2023.”
Her outfit’s programs have also enabled MSMEs to access new markets, adopt digital technologies, and improve upon their competitiveness.