Prioritizing the growth and development of MSMEs in Ghana
MSMEs have a catalytic impact on economic growth, income distribution and employment in every country. In Ghana they represent 92% of businesses, contributing about 70% to Ghana’s GDP (Internal Research Journal of Finance and Economics). Ironically, the Sector remains under-developed and is largely constrained by a number of factors such as inadequate access to appropriate technology, limited access to international markets, weak institutional capacity, lack of management skills and training and most importantly access to finance. Yet, in utter disregard of such plain facts, we tend to ignore these challenges impeding the growth of MSMEs in Ghana even though it indirectly has negative implications on the Ghanaian economy.
Mandated to champion and drive the MSME transformation in the country, the NBSSI has repositioned and rebranded to fully equip the Board to provide the requisite institutional support and expose MSMEs to greater and better opportunities for expansion and diversification across the MSME spectrum. With our roots deep in transforming the MSME sector in Ghana, we want to distinguish ourselves by remaining on the cutting edge and keeping our focus on what the MSME sector really needs. The NBSSI will take the necessary steps to ensure real growth and development in the sector which is line with the Government’s agenda to accelerate the growth and development of MSMEs.
It is imperative that we show more concern and prioritize the growth of the MSMEs if our country is to develop, as well as championing the process of achieving Ghana beyond AID. NBSSI, with funding from our valued partners seek to foster the President’s vision of a private sector-led economy by building the capacities of entrepreneurs in Ghana and ensuring that the MSMEs are better suited to withstand the erratic economic conditions. This will provide the platform for MSMEs in Ghana to compete with International brands.
In conclusion, I would like to entreat all of us, especially the operators in the MSME sector and other valued stakeholders, to think big and even dream bigger. We at NBSSI hope to create an enabling environment and right structures to ensure that businesses in Ghana do not start small, remain small and die small. I would like to invite all others who can support the MSME sector to come on board to help us drive the transformation of this initiative in Ghana.