Minister of Trade and Industry, Alan Kyerematen, has made a passionate appeal to the Bank of Ghana and the Ministry of Finance to join forces in establishing some loan schemes that will ensure the release of funds to Micro, Small and Medium Enterprises (MSMEs).
The call follows an observation that Ghanaian businesses may be losing out on international opportunities that can bring some foreign exchange into the country.
Speaking to officially launch the Business Resource Centres established by the Ministry of Trade and Industry, Ghana Enterprises Agency and partners, Mr Kyerematen said small businesses can be supported to take advantage of some export-oriented initiatives by the government and international institutions.
“Let me make this appeal to my own government and myself as I can see my younger brother – the deputy minister of finance here. Let the Bank of Ghana and the Ministry of Finance work together to put together a loan guarantee scheme that will release the liquidity in the banks to support the development of micro, small and medium enterprises,” he appealed.
He is positive that the establishment of the Business Resource Centres will be a tool for the transformation of small businesses in the country.
“The history of the economic transformation of the leading countries in Europe, North America, and Asia confirms that no country has experienced significant economic transformation and development without becoming a major industrialised economy.
“These countries have developed their economies by building strong MSMEs that have grown, in many cases, from family owned businesses into global multinational companies,” he added.
Meanwhile, Chief Executive of the Ghana Enterprise Agency, Kosi Yankey Aryeh, has assured that the agency is seeking to support more businesses through its initiatives in the coming days.
She also disclosed that about 520 million cedis have been invested into the MSMEs sector since the establishment of the agency.
The creation of the BRCs are partly supported by the African Development Bank, International Fund for Agricultural Development, IFAD through the Rural Enterprises Programme.