32.2 C
Accra
Friday, December 3, 2021
No menu items!

Focus on SMEs to create more employment opportunities

Must Read

Ghana joins world to commemorate Day for Persons with Disability

By Rachel Kakraba. Ghana today joins the rest of the world to commemorate International Day of Persons with Disability. The...

Denying Local communities right to choose MMDCEs not healthy- CDD

Executive Director of the Centre for Democratic Governance (CDD), Professor Kwasi Prempeh, has called for reforms in the Local...

One on One with Rev. Lemuel Quarshie Martey, 2012 National Best Farmer

By Rachel Kakraba. The desire of many to live in bigger cities, especially the capital Accra, has seen arable lands...

Managing Director of Participatory Development Associates, Mr. Edem Agbe has urged Government to focus on helping Small and Medium Enterprises (SMEs) to grow and build resilience to create more employment opportunities.

He said SMEs were the true drivers of the economy, as such, if they received the needed support, they would take the burden of job creation off the shoulders of Government.

“Governments do not create jobs, they rather create an enabling environment for businesses to thrive. If SMEs have the capacity to employ more, the burden of creating jobs would be off the shoulders of government. SMEs need all the available support to be resilient and withstand shocks like the COVID pandemic,” he said.

Mr. Agbe made the remarks during a Research Dissemination Workshop organized by PDA in partnership with The Overseas Development Institute (ODI).

It was on the theme: “Navigating the COVID-19 Pandemic: The Experiences of female-led Micro and Small-Scale Enterprises in Ghana.”

The event created a platform for female entrepreneurs to interact and deepen their relationship with Government agencies such as Microfinance and Small Loans Centre (MASLOC), Ghana Enterprise Agency (GEA), formerly NBSSI and Ministry of Trade and Industry, and other development partners.

It also allowed participants to share experiences on the state of their businesses during and after the COVID-19 lockdown period, their challenges and seek for solutions.

The Managing Director said the research project sought to provide robust evidence on how the pandemic had affected women-led SMEs, how they were adapting and navigating through the financial shocks and the measures they had put in place to come out strong.

“This event will help the agencies present to get a direct feedback from the female business owners they work with and be informed as to how to draft future policy frameworks to meet their needs. The people would also get to hear from the agencies directly and know how to package themselves well to benefit immensely from the services of the agencies,” he said.

Mr. Agbe said last month, PDA launched the Youth Business Performance and Sustainability Index which would become a framework or evidence base for agencies to track how businesses they supported were thriving.

Programme Coordinator of PDA and Co-lead of the Research work , Mr. Alex Afram said they found  out that many women-led SMES struggled to access  support from formal financial institutions during the COVID era.

He said most of them could not get access to these assistance due to documentation and business registration related issues such as lack of Taxpayer Identification Number (TIN) and absence of business registration records.

As such, these women had to either rely on their savings, which had depleted over time or on informal networks for support.

Mr. Afram said the research indicated that most women-led businesses did not have any clear strategy or risk management contingency plan to withstand unexpected economic hardships.

He called on Government and other development partners to improve access to finance and financial services through tailor-made and flexible financing products for Micro, Small and Medium Enterprise (MSMEs).

The Programme Coordinator called for the sensitization of  MSMEs and provide  the necessary business registration  processes to improve their access to financing and relief packages.

He said Government should prioritize digital skills training to bridge the digital skills gap and promote digital technology penetration among MSMEs.

“Government needs to invest in digital infrastructure in rural and peri-urban areas and reduce the cost of internet data to enhance digital inclusion. They must equally provide capacity-building to MSMEs to make them growth-oriented and resilient, and finally establish and promote knowledge-sharing networks for female-led MSMEs,” he said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Ghana joins world to commemorate Day for Persons with Disability

By Rachel Kakraba. Ghana today joins the rest of the world to commemorate International Day of Persons with Disability. The...

Denying Local communities right to choose MMDCEs not healthy- CDD

Executive Director of the Centre for Democratic Governance (CDD), Professor Kwasi Prempeh, has called for reforms in the Local Governance system for accelerated development. He...

One on One with Rev. Lemuel Quarshie Martey, 2012 National Best Farmer

By Rachel Kakraba. The desire of many to live in bigger cities, especially the capital Accra, has seen arable lands in the Region give way...

Ghana honours farmers and fishers

By Rachel Kakraba. Hundreds of farmers and Fishers are being honoured across Ghana, on Friday, November 3, 2021, as part of the 37th edition of...

NMC expresses disappointment at unprofessionalism by some Media Managers

By Yvonne Atilego. The National Media Commission, NMC, says it is disappointed in what it refers to as unprofessionalism on the part of Managers of...

More Articles Like This