Government has disclosed plans to introduce a comprehensive policy to regulate Small and Medium Enterprises in the country.
The proposed move is based on the growing concern over the rapid rate at which over 70% of Ghana’s SMEs collapse within the first five years of operation.
Speaking to the media about the proposed policy – Team Leader for Industrial, sub-contracts and partnership exchange at the Ministry of Trade and Industry, Papa Bartels, noted that SMEs constitute 90% of Ghana’s economy but that there were no policies to effectively regulate their activities in an effort to boost their sustainability in business.
Hence, the plans to introduce a comprehensive policy that will serve as a guide to existing and new SMEs in their effort to build thriving businesses.
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Mr. Bartel, hinted that the policy was at its formative stage and that there was an ongoing discussion between various stakeholders to aid in the entire development process.
“You know policy development takes quite a bit of time; you have to go through the initial stages, consultation with stakeholders, send it to cabinet and then to Parliament subsequently for approvalâ€, he said.
On an earlier development aimed at boosting SMEs and the private sector of the economy in general, government had launched the National Entrepreneurship and Innovation Plan to help young entrepreneurs and businesses in the country to nurture their ideas into thriving enterprises.