The Bank of Ghana (BoG) is calling for critical public-private sector investments in key infrastructure projects over the medium-term to increase the manufacturing capacity of the Ghanaian economy.

“We need to re-tool and re-equip the Micro, Small and Medium Scale Enterprises (MSME) sector to leverage technology for more innovation. We need to increase access to finance for MSMEs. We need a renewed focus on equitable and inclusive growth to ensure that the MSME sector, and in particular, women and youth entrepreneurs are not left behind”, Mrs. Elsie Addo Awadzie, Second Deputy Governor mentioned.

Speaking at the Engine Business Network (EBN) virtual forum, Mrs. Awadzi said MSMEs must strive to reposition themselves to lead in the post-COVID economic recovery.

“It is time to rethink your business models, to be more innovative, to embrace technology to help improve quality, efficiency, and management practices, and diversify the range of products and services for the local market, even daring to branch into the ECOWAS sub-region and beyond”, he emphasised.

Furthermore, she intimated that “It is also important for MSMEs to prioritise compliance with laws, standards, and ethical business principles, to help build strong foundations for robust growth and lasting impact, adding “The current pandemic provides a lot of opportunities for MSMEs to reengineer themselves and to participate more fully in the national, regional, and global economy.”

According to her, Ghana needs a strong and viable MSME sector, and EBN and its members must continue to soldier on, leveraging the opportunities available and creating new ones for themselves and future generations of entrepreneurs.

MSMEs are the hardest hit businesses in this COVID-19 pandemic.

They have however played and continue to play a critical role in Ghana’s socio-economic development by producing critical goods and services, creating jobs, and helping to reduce poverty and promote economic growth.

It is estimated that MSMEs represent about 85 percent of Ghana’s private sector and contribute about 70 percent of annual GDP.

In terms of employment, MSMEs account for an estimated 85 percent of manufacturing jobs in the country.