NBSSI to support over 3,000 micro small businesses

September 4, 2017
Source: Kizito Cudjoe l thebftonline l Ghana
NBSSI to support over 3,000 micro small businesses

A total of 3,890 micro small and medium scale enterprises nationwide will be trained by the National Board for Small Scale Industries (NBSSI) with the launch of the second phase of the Ghana Institutional Support Programme (GISP) in Kumasi.  

The GISP programme, funded by the African Development Bank, supports and strengthens Government Institutions to enable them to deliver on their mandate.

The programme, which started as far back as 2012 was expected to have been completed in 2015 but given it late start was extended to 2017. It has supported institutions like NBSSI, PEF, Ghana Stock Exchange among others.

The overarching goal of the programme is to create an enabling environment for inclusive economic growth and poverty reduction through more credible public financial management (PFM) systems and enhanced capacity for private sector development and competitiveness.

The current support to NBSSI, which is the focal governmental agency mandated to promote the growth of micro small enterprises (MSEs) and create jobs to reduce poverty in the country, also extends to Micro and Small Enterprises (MSMEs).

“The goal of this intervention is to enhance opportunities for accelerated growth, job and wealth creation and poverty reduction in the country all of which is in alignment with the current government agenda.”

The nationwide programme under NBSSI will support the Board, MSE sector and other government initiatives.

Given government’s commitments in creating an enabling environment for a private sector led economic growth the funding secured from AfDB has procured office equipment for NBSSI staff and MSMEs.

The upcoming national training workshops have been scheduled into two phases. The first phase ended in June 2017 haven trained over 900 SMEs. The second phase will have a total of 138 business development training workshops which will benefit 3,890 MSMEs and 140 NBSSI staff.

This will bring the total number of beneficiary micro small businesses to 4,790 by the time the programme ends, in 2018.

These businesses, according to the Acting Executive Director of NBSSI, Kosi Yankey, “will be tasked to strengthen their operations, recruit at least one person in the coming year to support the job creation agenda and be aligned with the government’s flagship pro-poor policies such as Planting for Food and Jobs and One District One Factory.”

She said the support from partners such as the African Development Bank, has strengthened the Board and provided the needed training programmes for MSMEs across the country, to support in job creation.

“Another important goal of the project is to support the trained MSMEs list on the Ghana Stock Exchange and to access long term capital.”

She reckoned that the development of the micro, small and medium enterprises sector is crucial to the attainment of the country’s socio-economic development, and therefore support to the sector must not genuine.

Similarly, the Ashanti Regional Manager of NBSSI, Mr. Bash Manu, also said Micro and Small-Scale Enterprises are known worldwide as the bedrock of economic development due to the crucial role they play in job creation, wealth generation, improvement in the quality of life and socio-economic as well as political stability.

He said they are therefore good instruments through which poverty reduction can be achieved and thereby bring about a boost in local economic development.”

He observed that a number of small scale enterprises in Ghana start businesses in a very small way, remain small and die small. This, he asserted, is apparently because owners of these enterprises either have the low managerial acumen or do not update their knowledge and skills in their fields of endeavors.

“The result is low appreciation and inadequate knowledge of modern business practices and consequent stagnation of skill which eventually compel them to fold up their businesses.”

He said there are always innovative ways for improved performance and opportunities for increased productivity for businesses irrespective of how they started and operated.

He noted that it is in the light of this that NBSSI has never relented in its pursuit of programmes to build the capacity of staff and MSMEs across the country to be abreast with modern trends in the management of their business.