The National Board for Small Scale Industries (NBSSI) has been converted to Ghana Enterprise Agency after parliament approved on the Bill.
The bill, which was passed under the certificate of urgency due to its importance, is to ensure that the agency oversees, coordinates, promotes and develop Micro, Small and Medium Enterprises (MSMEs).
According to a Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay, the conversion of NBSSI into a fully-fledged agency is aimed at formalizing the MSME sector to make it easier for players in that sector to access credit.
When we say promote and support, it covers all aspect. It starts with a simple, yet important factor which is defining what the MSMEs are. Once you define that, you look at the challenges that are faced by this sector of the economy such as the fact that they are largely informal. Because they are informal, it becomes very difficult to actually have policies that can touch them. So helping them formalize is necessary. Once that is done, you look at challenges they face and provide the support they need.”
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“A critical element of the Agency is that it is going to raise a fund that is targeted specifically at MSMEs to provide them with finance. Finance is one of the key constraints to most of our MSMEs. But it’s not just about finance; it is everything to do with helping them keep better accounts and understanding the importance of business management,” he added.
Source: citibusinessnews.com
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