THE NATION’S ECONOMY DEPENDS ON SMEs

Mr. Joe Tackie, Acting Chief Director at the Business Development Ministry has indicated that Ghana’s economic growth and development depends on how well the country natures and supports startups and Small and Medium Enterprises (SMEs) to enhance their contribution to Gross Domestic Products (GDP), job creation and exports.

He said it was for that reason the Ministry was focused on developing a comprehensive nation entrepreneurship policy for Ghana that would involve the engagement of all relevant stakeholders to understand what programmes and policies were currently in place to impact entrepreneurship in the country.

Mr. Tackie who was speaking on behalf of the Business Development Minister, Mr. Ibrahim Mohammed Awal at the Joy Business Masterclass Forum held in Accra yesterday said the ministry was also conscious of the fact that the development of women entrepreneurship in Ghana would go a long way to achieve sustainable economic development and inclusive growth.

He said the vision and primary objective of the Government was to create a strong economy that would open up opportunities and inspire a lot of Ghanaians, particularly the youth to start new businesses, encourage existing businesses to grow and expand which would intend create jobs and enhance the livelihood of all Ghanaians.

The overall goal was to create an entrepreneurial culture in Ghana, and to build the most business and people friendly economy in Africa.

This, Mr. Tackie said would be achieved through the establishment of the relevant policy frameworks that would help businesses to expand and create jobs.

“Government believes that a striving private sector is the main driver of the country’s economic development agenda, and therefore committed to implementing measures within microeconomic space to stabilize the cedi and reduce significantly the cost of borrowing.

“Government is also working at reducing the regulatory burden on businesses by simplifying and rationalizing rules and regulations and aligning to international standard to improve business competitiveness”, he stated.

He added that, Government was also pursuing reforms to address constraints within the business environment to reduce the cost and time of doing business and to make it favorable for all businesses to strive and grow.

According to him, the reforms were intended to improve the investment climate to attract both domestic and foreign direct investment.

Investments the focus areas, Mr. Tackie said would include starting a business, trade facilitation, registering properties, resolving insolvency, getting credit and protecting minority investment to improve the overall ease of doing business.

Source: The Finder

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