The Ghana Enterprise Agency (GEA), a bigger entity established to efficiently manage the micro, small and medium enterprises (MSMEs) sector in the Ghana has started a new historic journey.
This new agency will be impactful by charting a new path in the next phase of its historical journey to promote and develop businesses in the MSMEs space.
Taking its strength from the Ghana Enterprises Agency Act, 2020, a novel National MSMEs and Entrepreneurship Policy and a GH¢100 million GEA SME grant, the agency, formerly National Board for Small Scale Industries (NBSSI) has pledged to play a lead role to strengthen the capacity and competitiveness of the enterprises in Ghana.
The acting Chief Executive Officer of GEA, Mrs Kosi Yankey-Ayeh, on Wednesday (June 9, 2021) during the launch of the new agency made the pledge to stakeholders of the new agency, some of whom have wondered what the new entity means for MSMEs growth.
“Mr President, the new GEA is ready to take up the mantle,” she said at the launch of the agency in Accra on Wednesday, June 9.
She stated that the transformation of NBSSI to GEA was not just a change in name and ethos, “it is a change in how we do our work and what we have to offer Ghanaians.”
She said it demonstrates the continuous commitment of the President and the government to the growth and wellbeing of the MSME and private sector of Ghana.
According to her, the transformation allows the government to take the necessary strides to place Ghanaian MSMEs and its ecosystem at the forefront of its development goals.
She said the Ministry of Trade and Industry (MoTI) under the able leadership of Mr Alan Kyerematen led the development of the first National MSME and Entrepreneurship Policy, which received Cabinet’s approval in September, 2019.
“The policy proposed the transformation of NBSSI into an agency and established the Ghana Enterprises Agency (GEA), 2020 (Act 1043) as an apex body that is efficient, well-resourced and well-positioned to coordinate promote and develop the activities of the MSME sector,” she added.
The Ministry of Trade and Industry (MoTI), Mr Alan Kyerematen, stated that the GEA Act provides the enabling legislation and institutional framework for the agency to serve as the apex body responsible for managing, coordinating and regulating the MSME sector.
This new institution, he said, has been modeled as a fit-for-purpose institutional home for all MSMEs across the country.
“The new organization has come into being with an expanded physical branch network made up of 67 Business Resource Centers (BRCs) and 191 Business Advisory Centers (BACs) located in 258 Districts across the country.
“This is unprecedented giving the GEA capability to bring business development services to the doorstep of MSMEs in every district in Ghana.”
The Minister observed that the GEA would leverage technology to anchor its nationwide coverage through the digitalisation of its grant management and disbursement system, enabling it to deliver COVID-19 relief funds to MSMEs.
This, he said, would enable GEA to fast-track and consolidate service provision to business promoters and their projects across the country to complement government initiatives aimed at inclusive and decentralised industrial and agricultural growth such as the One District One Factory (1D1F) Initiative and the Planting for Export and Jobs.