BoG Urges MSMEs To Lead Economic Recovery

Elsie Addo Awadzi

THE BANK of Ghana (BoG) has called on micro, small, and medium-sized enterprises (MSMEs) to strive to reposition themselves to lead in Ghana’s post-Covid-19 economic recovery.

Elsie Addo Awadzi, second Deputy Governor, BoG, who gave the advice, was delivering the keynote address at a day’s forum organized by Engine Business Network (EBN).

“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,” she noted.

Mrs Awadzi also said it was important for MSMEs to prioritize compliance with laws, standards, and ethical business principles, to help build strong foundations for robust growth and lasting impact.

According to her, “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.”

Speaking on the theme, “MSME Manufacturing Capabilities, Responding to Covid-19 and Opportunities Beyond”, the second deputy governor  said the central bank had taken steps to improve access to credit for MSMEs through the banks, savings and loans companies, microfinance companies and rural and community banks.

“I encourage all EBN members to approach their financial institutions to explore financing and other opportunities available for MSMEs and in particular for youth and women entrepreneurs.”

She said government had put in a number of cushioning packages to ensure that the MSME sector could be supported and positioned to help turn the disruptions in global supply chains into a national advantage and thereby build a more self-reliant and resilient economy.

Furthermore, she called for critical public-private sector investments in key infrastructure over the medium-term to increase the manufacturing capacity of Ghana’s economy.

“We need to re-tool and re-equip the 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. I am very glad to see that you have lined up very distinguished speakers who will be speaking on these issues at this forum,” she highlighted.

BY Samuel Boadi