On Wednesday, 9th June 2021, President, Nana Addo Dankwa Akufo-Addo launched the Ghana Enterprises Agency (GEA) to replace the National Board for Small Scale Industries (NBSSI).
The new Agency has been resourced with GHC 145 million to support its operations.
The President also unveiled the National Micro, Small, and Medium-Scale Enterprises (MSMEs) and Entrepreneurship Policy programs under the Ghana Economic Transformation Project.
Globally, Micro, Small, and Medium Enterprises (MSMEs) dominate the business environment.
The importance of the MSME sector in Ghana has become even more critical as it currently employs more than 80% of the workforce and generates about 70% of the country’s Gross Domestic Product (GDP).
The MSME sector’s development and expansion through entrepreneurship, especially by women and the youth, will help to diversify the economy and decentralize job creation.
I am also pleased to note that GEA is leveraging technology to anchor its nationwide coverage through the digitalization of its grant management and disbursement system, enabling it to deliver COVID-19 relief funds to MSMEs across the country.
As you are aware, the vision of His Excellency the President is to transform Ghana into an industrialized economy and become a leading manufacturing hub in Africa.
GEA will become an important anchor institution to help realize this vision by coordinating and promoting the growth of SMEs in the country.
The transition of the National Board for Scale Small Industries into Ghana Enterprises Agency will complement the ongoing reforms aimed at empowering the private sector in Ghana to take maximum advantage of Ghana”s hosting of the African Continental Free Trade Area (AfCFTA) Secretariat.”