Since 2017, the Ghanaian government has allocated over GH¢800 million to bolster and foster the growth of the micro, small, and medium enterprise (MSME) sector, as disclosed by the Chief Executive Officer (CEO) of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh.

This significant investment has positively impacted more than 900,000 MSMEs nationwide, playing a vital role in driving the country's economic progress and prosperity, especially during the challenging times of the global economic downturn triggered by the COVID-19 pandemic and the 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 mentioned 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.