<\/p>\n
The Minister of Trade and Industry, K.T. Hammond, has called on Micro, Small, and Medium Enterprises (MSMEs) to intensify their efforts in driving sustainable economic growth and job creation.<\/p>\n
Speaking at the launch of the new Ghana Enterprises Agency\u2019s classification of MSMEs regulation 2023, he said the sector is a critical component of the country\u2019s \u201cstrategic blueprint for diversifying its non-oil economy.\u201d<\/p>\n
Ghana, according to the according to the 2023 Annual Non-Traditional Exports Statistics Report, recorded an 11.75% increase in Non-Traditional Exports (NTEs) earnings, reaching US$3.94 billion and accounting for 24% of total merchandise exports.<\/p>\n
\u201cIt is in this context that my Ministry is looking at identifying such MSMEs with high potential and to support their capacity building and expansion,\u201d Mr. Hammond said and that that the trade ministry was working assiduously to enhance the contribution and performance of the MSME sector, while forging a path towards a future defined by innovation, growth, and opportunity.<\/p>\n
Considered the lifeblood of the struggling economy, MSMEs constitute about 90% of businesses, 80% of the workforce and 70% of GDP. They are diverse and varied, ranging in size and structure, producing a wide array of products and services, and utilizing different levels of technology.<\/p>\n
A notable portion of these enterprises operate within the informal sector, contributing significantly to employment and income generation, making the sector crucial for women, the youth, and persons who are physically challenged, providing them with essential opportunities and sustaining their livelihoods, as well as that of their families.<\/p>\n