Business News of Monday, 4 September 2017
The National Board for Small Scale Industries (NBSSI) has launched an initiative to support private sector development and competitiveness.
The programme, known as Ghana Institutional Support Project (GISP) seeks to create an enabling environment for inclusive economic growth.
This will be done through more credible public financial management systems for micro, small and medium-scale enterprises.
About 900 such businesses received training between March and June, this year, with the last the batch expected to end next January.
Acting Executive Director of NBSSI, Kosi Antwiwaa Yankey, says the project will strengthen resource capacity mobilisation institutions.
“The goal is to train the public sector to deliver and grow the private sector. This will, in turn, enhance opportunities for accelerated growth, job creation and poverty reduction in the country,” he said.
Officials are optimistic the three-component project will enhance opportunities for accelerated growth, aid coordination and integrity in the management of public resources.
To ensure continuity of the program, Miss Antwiwaa Yankey reveals the Business Advisory Centres (BAC) found in all the districts across the country are supporting the NBSSI on the project.
“We are just not training people and that’s it but our Staff is also being trained to deliver the training. So communities that won’t benefit directly from this will go to their Business Advisory Centre (BAC) who are supporting the NBSSI on the project”.
All the people who are trained will go into their communities to help with the training where they don’t directly benefit.
The whole idea is also to build the capacity of these enterprises on how and where to get funding.
She revealed that through the GISP programme, the Ghana Alternative Exchange will develop.
Project officials are hopeful the project will also provide training for businesses listed on the Ghana Alternative Exchange to enable them to get the required capital to do more.
According, Miss Yankey, “Money is very important but if you don’t have strong systems which these training exercises provide you cannot access funding to develop and create.”
Ashanti Regional manager for NBSSI, Bashir Manu, observes there has been an upsurge of interest in skill upgrading and efficient management for business growth and survival.
His worry, however, is that a number of small scale enterprises in Ghana start businesses in a very small way, remain small and die small.
“This is because owners of these enterprises do not update their knowledge and skills in their fields of endeavours”
But Mr, Manu believes so long as we continue to have new business springing up in a turbulent business environment, the continued existence and relevance of a well-resourced NBSSI will be desired.
The GISP project is being funded by the African Development Bank through the Ministry of Finance.