Entrepreneurs urged to manage businesses well to enhance sustainability

The Deputy Minister of Trade and Industry, Stephen Amoah has charged entrepreneurs to expertly manage their businesses to reap the expected benefits.

This, he said, was critical to the sustainability of the business as well as enabling entrepreneurs to identify new areas of investments.

“I want to take this opportu­nity to advise business owners to undertake proper book keeping at all times. A business can only be successful if records are intact and it is managed like a business,” he said.

Speaking at a Forum organized by the Ghana Enterprise Agency (GEA) to mark World MSME Day in Accra, Dr Amoah said it was disheartening that most Ghanaian micro, small, and medium-scale enterprises did not survive beyond the owners’ existence.

He said the situation had led to the collapse of many enterprising businesses right after the death of the founders.

He said the Ministry in collaboration with GEA would soon organize training programs to equip entrepreneurs with the necessary skills to enhance operations.

Chief Executive of GEA, Mrs Kosi Yankey-Ayeh reiterated the Agency’s resolve to continue to support entrepreneurs, especially women considering their significant role in the country’s economic development.

She said the government had so far com­mitted GH¢800 million towards the growth and development of micro, small and medium scale enterprises (MS­MEs) in the country since 2017 to support more than 900,000 businesses.

The support, she said, had been in the form of financial assistance, training and capacity-building and business advisory, among others.

This came to light yesterday during the celebration of this year’s World MSMEs Day in Accra.

Organised by the GEA, the event was on the theme: “Building resilient and sustainable MSMEs to create one million jobs.”

Mrs Yankey-Ayeh said the supports were designed to equip MSMEs with the right tools that would put them on a trajectory of growth, and help them succeed in the long term.

The Agency, he noted, had em­barked on a number of initiatives which was aimed at fostering an enabling environment for MSMEs to thrive.

Mrs Yankey-Ayeh noted that, MSMEs exist to drive economy and it was the focus of the Agency to do all it could by providing the necessary support for them to maximise their contributions to national development.

The celebration of the World MSME Day, she said, provides an opportunity for MSMEs, regula­tors and supportive institutions to take stock of what have been, challenges and how it could be addressed as well as create the plat­form for networks and stronger relationships in creating sustain­able jobs.