The deputy minister of trade and industry Robert Ahomka-Lindsay has described the passage of the Ghana Enterprises Agency (GEA) Bill 2020 as “momentous”.
“We want to extend huge gratitude to both sides of the House for passing the Ghana Enterprises Agency Bill 2020. It is a momentous day that this bill has been passed by Parliament,” he said.
Ahomka-Lindsay said: “This bill positions the GEA to carry out its full mandate as the agency of government, charged with promoting and supporting micro, small and medium enterprises (MSMEs).”
The bill seeks to establish the Ghana Enterprises Agency to oversee, co-ordinate, promote and develop MSMEs.
It is intended to replace the National Board for Small-Scale Industries (NBSSI) Act 1981 (Act 434), which has become obsolete, as the focus of operations for the NBSSI has changed from small-sized industries to micro, small and medium enterprises. This represents the entire continuum of enterprises which are not large firms.
The bill will also provide an appropriate institutional and legal framework for the co-ordination of programmes and projects for the development of those enterprises in Ghana.
Ahomka-Lindsay said even though MSMEs are the largest segment of the economy, creating employment for many, they are often ignored because most are small and quite informal.
He said the Ghana Enterprises Agency will be charged to execute the MSMEs strategy to ensure they are supported properly to play their full role in Ghana’s economy.
Ahomka-Lindsay said the new agency will have the ability to raise funds to assist stakeholders financially as an encouragement to grow into large businesses, with those having the capacity to venture into the petrochemical and automobile industries to do so.