By Juliet ETEFE ([email protected] )
Micro, Small, and Medium Enterprises (MSMEs) have been urged to deepen their understanding of regulatory frameworks and ensure strict compliance in order to scale sustainably and remain competitive in both local and international markets.
MSMEs, recognised as the backbone of the country’s economy, provides about 70 percent of employment and form more than 90 percent of the business landscape.
Despite their critical role in national development, many MSMEs continue to struggle with regulatory compliance—an issue experts say must be urgently addressed to ensure their long-term growth and competitiveness.
The call was made during the recent edition of the United Nations Development Programme (UNDP) Nimdie Series Workshop held in Accra.
The workshop, themed “Navigating the Regulatory Environment”, brought together regulators, entrepreneurs, business development experts, and policymakers and featured a business exhibition, offering participating MSMEs an opportunity to showcase their products and network with potential partners.
Head of Inclusive Growth and Accountable Governance Cluster at UNDP Ghana, Dr. Edward Ampratwum in his remark stated that navigating regulatory environments—be it compliance with tax obligations, labour laws, registration procedures, or trade standards—remains one of the toughest barriers for many small businesses.
He added that staying on top of these regulations is not just about avoiding sanctions but unlocking new growth opportunities.
He cited UNDP-facilitated trade mission to Kenya, Dr. Ampratwum noted that many MSMEs were unprepared for the diverse and stringent regulatory demands encountered in foreign markets.
As such, urged that “MSMEs must rise to the challenge of regional integration. With AfCFTA’s market of about 1.2 billion people, businesses must meet continental compliance standards to stay competitive”.
He also stressed the need for enterprises to be adequately informed and supported to meet the requirements of initiatives like the African Continental Free Trade Area (AfCFTA).
Gender dimensions
Highlighting the gender and youth dimensions of regulatory challenges, Dr. Ampratwum cited the International Labour Organisation’ findings indicating that women-owned enterprises in Africa are 20 percent less likely to grow due to regulatory constrain and limited access to finance.
Similarly, youth-led businesses often lack regulatory knowledge and market access, compounding their struggle to thrive.
“Through our (UNDP) Integrated MSME Ecosystem Support Programme, we aim to tackle these barriers with digital tools, capacity building, and market access support,” he said, acknowledging collaborative efforts with institutions such as the Ghana Enterprise Agency, Ghana Export Promotion Authority, National Youth Authority (NYA), and the AfCFTA Coordination Office.
For his part, Charles Kusi Appiah Kubi, Business and Investment Consultant at Corporate Integrity Consult, pointed out that legal protection, improved reputation, access to finance, and stakeholder trust are some benefits associated to compliance.
“Compliance is not a burden—it is a strategic asset,” Mr. Kubi stressed. “Beyond avoiding penalties, compliance gives businesses credibility, improves their chances of securing investment, and supports long-term sustainability.”
Chief Executive Officer of the National Youth Authority, Osman Abdulai Ayariga also urged entrepreneurs not to cling to past successes but to continuously innovate.
“You must evolve with the times. Change is the only constant in today’s business environment…This is not just about today. Let us take action, stay informed, and align with best practices to thrive both locally and globally,” he said.
Director of Policy Planning, Research, Monitoring & Evaluation at the Ghana Enterprises Agency (GEA), Mrs. Philomena Dsane stressed that demystifying regulatory frameworks is essential to creating a thriving and inclusive economy where businesses can grow with confidence and compliance.
She highlighted GEA’s continues effort to assist MSMEs in registering with the Office of the Registrar of Companies (ORC) and securing certifications from the Food and Drugs Authority (FDA) and Ghana Standards Authority (GSA).
In the first quarter of 2025, about 3,170 businesses were supported to register with the ORC and accessed product certification.
The Nimdie Series, meaning “knowledge” in Akan, is a UNDP-led initiative designed to foster peer learning and capacity building among Ghanaian entrepreneurs. With its holistic focus on regulation, innovation, and inclusivity, it serves as platform for building resilient, globally competitive MSMEs.
