About 60 Micro, Small, and Medium Enterprises (MSMEs), including financial institutions in the Bono Region, have undergone a day’s sensitization workshop on the new MSME Classification Framework to build a robust, inclusive, and data-driven sector.
Organized by the regional Ghana Enterprises Agency (GEA) and supported by the Ministry of Trade and Industry, the workshop sought to eliminate inconsistencies in programme implementation, data reporting, and policy targeting in the industry.
Held in Sunyani in the Bono Region, the new framework also provides a unified and legally recognized standard to guide decision-making, resource allocation, and stakeholder engagement.
Clarity
The acting Regional Manager of the GEA, Vanessa Afia Asomea-Takyi, said the workshop was held to provide clarity and a shared understanding of the framework.
She explained that the workshop would also help in effective planning, transparent monitoring and evaluation, adding that until now, the country lacked a legally binding framework for classifying MSMEs, resulting in a fragmented approach.
She said institutions, including the Ghana Statistical Service (GSS), Registrar-General’s Department (RGD) and the Ghana Revenue Authority (GRA) had developed their own working definitions to suit their operational needs.
Mrs Asomea-Takyi said the situation resulted in inconsistencies in programme implementation, data reporting, and policy targeting in the industry.
“By standardizing how we categorize enterprises, we create a platform for more targeting interventions, shaping policies, and facilitating access to funding and other critical business support services,” she said.
Mrs Asomea-Takyi said GEA was mandated to promote and develop MSMEs, adding that its mandate was backed by law, which had since strengthened the Agency’s scope and institutional capacity.
She urged the participants to collaborate with the Agency to shape an MSME ecosystem that reflects the realities and aspirations of entrepreneurs.
In a speech read on his behalf, the Bono Regional Minister, Joseph Addae Akwaboa, said MSMEs contributed to several businesses in the country.
He said MSMEs equally helped to provide livelihood to millions of Ghanaians.
“Yet, despite their importance, MSMEs face numerous challenges ranging from limited access to finance, inadequate infrastructure, to insufficient policy support,” he said.
Mr. Akwaboa said one of the key measures implemented to address the challenges was the development of a standardized classification framework for MSMEs.
He said the framework would enable better support, improve data collection and analysis, and facilitate more effective policy making and resources allocation.
Mr Akwaboa said the engagement with stakeholders would ensure that the framework reflected the realities on the ground and served the needs of the entrepreneurs.
He said it was always refreshing to see the commitment of the citizenry playing their part in the discourse of national development.
Economy
Mr. Akwaboa said the workshop marked their collective efforts to strengthen the MSMEs sector, which remained a backbone of the country’s economy.
“You will undoubtedly agree with me that MSMEs play a vital role in job creation, income generation, and innovation,” he said.
Mr. Akwaboa expressed the Bono Regional Coordinating Council’s (RCC) commitment to support the growth of MSMEs in the region.
“We must ensure that no enterprise, no matter how small, is left behind on the journey forward to attaining sustainable economic growth and development.
Mr. Akwaboa urged the participants to take advantage of the workshop to demand answers to their questions, share insights, and work together to promote a thriving business environment for the MSMEs.
