The National Board for Small Scale Industries (NBSSI) will soon be converted into an agency under the Ghana Enterprises Agency Bill.

The development comes after Parliament approved the Bill passed under certification which will allow the NBSSI to be made into an agency.

The NBSSI’s mandate will be to facilitate, coordinate, and oversee the development of the Micro, Small and Medium Enterprises (MSMEs) in the country.

Deputy Trade Minister, Robert Ahomka-Lindsay said the decision to transform the NBSSI into an agency is geared towards promoting and formalizing the MSME’s space and improving credit access to stakeholders.

“When we say promote and support, it covers all aspect. It starts with a simple, yet important factor which is defining what the MSMEs are. Once you define that, you look at the challenges that are faced by this sector of the economy such as the fact that they are largely informal. Because they are informal, it becomes very difficult to actually have policies that can touch them. So, helping them formalize is necessary. Once that is done, you look at challenges they face and provide the support they need,” Ahomka-Lindsay is quoted by Citi Business News.

He added, “A critical element of the Agency is that it is going to raise a fund that is targeted specifically at MSMEs to provide them with finance. Finance is one of the key constraints to most of our MSMEs. But it’s not just about finance, it is everything to do with helping them keep better accounts and understanding the importance of business management.”