Currently before cabinet, the MSME policy, when passed, would provide the administrative, regulatory, institutional and legal framework for the sector that constitutes more than 90 per cent of businesses in the country.
According to Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay, who disclosed this it would also aid businesses play an active role in the African Continental free trade (AfCFT) market.
This was contained in a speech read on his behalf at the Vodafone Small and Medium-sized Enterprises Ghana Awards (SMEGA) 2018 in Accra on Thursday.
The award scheme, founded by Origin8 Company Limited, six years ago, identifies and honours the best performing MSMEs in the country.
“Sustaining Ghana’s SMEs in a Globally Competitive Market –Building Global Brands through effective retooling strategies” was the theme for this year’s ceremony .
Mr Ahomka-Lindsay said aside from the policy, the government was developing strategies that seek to strengthen the management capacity and operational capacity of MSMEs.
One of the ways, he said was through encouraging the banks to introduce financing policies and establish loan desk to address the financial interest of the MSMEs.
“The government is committed to its policy of building a sound macro-economic climate to ensure that the private sector was not crowded out. Government will continue to maintain fiscal discipline that will stimulate growth, reduce inflation and interest rate,” he said.
On the AfCTA, he said a technical working group would be established to coordinate support to the private sector and therefore urged the private sector to complement government’s efforts by playing by the books.
Rev Dr Joyce Rosalind Aryee, former Chief Executive Officer (CEO) of Chamber of Mines and Founder of the Salt and Light Ministries, noted that the SME sector covered 92 per cent of businesses for which reason it deserved attention.
She urged the government to create the enabling environment for businesses to grow, ensure fair competition and ethical business practices by instituting friction free and transparent regulations.
On the part of businesses, she said, they should continually harness technological advancement to improve their business models, build their capacity and strong brand to remain globally competitive.
CEO of origin8, Kwesi Ofori Junior, in his welcome address said the award was to encourage the SMEs to continue playing their part in driving the socio-economic role of the country.
More than 30 individuals and SMEs were awarded including Miriam Abdullah Noajiah, CEO of Sariam Company Ltd, who won Woman Entrepreneur, the ultimate award.
Others were Sparkxx Food and Beverages, Rising Star of the year; and E90 Ghana Limited, product innovation.
BY JONATHAN DONKOR