Takoradi, Aug 20, GNA - Mr Philip Kwesi Nkrumah, Chief Executive of the Sekondi Takoradi Metropolitan Assembly, has assured members of the Council of Indigenous Business Association (CIBA) of the assembly's preparedness to promote their businesses and ensure the growth of the informal sector.

He said the assembly had set up a Private Sector Desk under the Urban Poverty Reduction Project to assist in the development of the informal sector.

Mr Nkrumah said this at the launch of Western Regional Branch of the Ghana Employers Association (GEA). He said government recognised the private sector as the engine of growth as far as the economy and would do everything possible to improve their lot.

He said one of the problems that the small and micro enterprises face in their attempt to grow is the lack of entrepreneurial skills and book keeping and this had affected the survival of many SMEs. Mr Ralph Ameyaw, the National Executive Secretary of CIBA, said the association had planned to set up an Endowment Fund for its members.

Each member will contribute one Ghana cedi for six months to serve as seed money.