The Minister of Local Government, Mr Julius Debrah, has stated the need for special attention to be paid to the needs of the micro, small and medium enterprises (MSMEs) sector.
He said the sector looked promising and must be given the needed attention.
Mr Debrah was speaking at the Graphic Business-Fidelity Bank Breakfast Meeting in Accra yesterday. It was on the theme, “The Role for SMEs in Ghana’s Economic Development.”
The minister said entrepreneurship was the new career drive worldwide, so it would be prudent for the country to come out with a plan of action for the MSMEs to develop to their fullest potential.
Advertisement
Contributions of MSMEs
Specifically, Mr Debrah said an improvement of the sector would result in improved standard of living through the creation of jobs, increased tax revenue, and in particular, stimulate the local economy.
“An improvement in the sector will generate constructive competition for growth. Once MSMEs start springing up within the districts, the citizenry will now be able to pay their taxes and create jobs, and so there will be more opportunities for more people to get something doing,” he added.
He noted, however that currently, most of the MSMEs faced challenges in terms of their capacity and would require support to help redistribute income across the board.
“If you look out for them and you give them a little bit of training, they will definitely work hard to bring results. So something extraordinary needs to happen to get to where we want to be,” he said.
“Our predecessors have done their part. This generation, if we decide to change our pattern of development for the next generation, then the MSMEs present a sure way and will also get the full benefit,” Mr Debrah said.
Open forum
Some participants underscored the need for the country to review its education syllabi, especially at the second cycle and tertiary levels and repackage the academic programmes to reflect the requirements of current development and societal needs.
A member of the Association of Ghana Industries (AGI), Mr Yaw Adu Gyamfi, said tertiary institutions should be supported to produce world-class graduates to help in the development of the country......