A professor of finance and entrepreneurship at the University of Cape Coast, Prof. Daniel Agyapong notes says as the world marks the international day for Micro, Small and Medium-sized Enterprises today June 27, MSMEs continue to face substantial challenges.
Key among them he explains is the limited access to finance that impedes their growth.
Prof. Daniel Agyapong notes that small and medium-size businesses constitute about 70% of businesses in Ghana giving employment to the youth in the country.
However, he revealed that despite the enormous contributions of MSMEs to business growth in Ghana, the emergence of the COVID 19 has had a severe impact on the activities of MSMEs in Ghana.
This year, the International Trade Center (ITC) marks the 5th anniversary of MSME under the theme, resilience, and rebuilding: MSMEs for sustainable development at the forefront of building back better and stronger from the impacts of the covid-19 pandemic, climate crises, and conflicts.
To Prof Daniel Agyapong, the theme is timely and very vital to revitalizing the decline of the activities of MSMEs in the country.
He said although government has invested in MSMEs in an attempt to help them recover from the impact of the COVID-19, there is more to be done to keep micro, small, and medium-sized enterprises up to task.
He added that “small businesses require assistance more than ever as they deal with the effects of COVID 19, conflict and climate issues.”
Professor Daniel Agyapong is of the view that the future is bright if much attention is given to MSMEs in Ghana.
Highlighting some business areas yet to be tapped into, he said “the palm oil sector is still green because we have not been able to meet global demands. Even the arts and culture and craft industry are still huge, they are huge opportunities that we can still take advantage of. Tourism still remains one of the biggest areas for us to also take advantage of, agro-processing, processing of fruits, processing of other essential vegetables, these are still gray areas that we are yet to take full advantage of.”
International day for Micro, Small, and Medium-sized Enterprises explained
Micro, Small, and Medium-sized Enterprises (MSMEs) Day is celebrated every year on 27 June. The day is marked to recognize the contribution of these industries to the implementation of the Sustainable Development Goals.
By observing the Micro, Small, and Medium-sized Enterprises Day, the UN wants countries to recognize sustainable development goals and create awareness about them.
According to a report from the International Council for Small Businesses (ICSB), micro, small, and medium-sized enterprises (MSMEs), both formal and informal, account for over 90% of all firms, 70% of all employment, and 50% of GDP on average.
It is at the back of this that in 2017, a resolution was adopted by the UN General Assembly with the 27th of June of each year declared as Micro, Small, and Medium-sized Enterprises Day to increase public awareness of these businesses’ contribution to the sustainable development and the global economy at large.
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Source: Dorcas Akpakudi/ATLFMNEWS
