Tuesday, June 18, 2024
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The Ghana Enterprise Agency (GEA) has brought attention to the numerous challenges faced by Micro-, Small- and Medium Enterprises (MSMEs) in Ghana, despite their significant contribution to the manufacturing sector, accounting for 85 percent of employment. According to the GEA, these MSMEs struggle with issues such as limited access to finance, appropriate technology, technical and managerial skills, weak institutional capacity, and restricted access to international markets. The lack of supportive laws and regulations further hinders the development of the sector and impacts the quality and sustainability of jobs.

MSMEs also make up around 70 percent of the country’s gross domestic product (GDP). Given their substantial contribution to the economy, it is crucial to provide the necessary support for their growth and development. Samira Hussein, Assistant Business Advisor-MSME at GEA, stressed the importance of interagency collaboration and national support initiatives to help position MSMEs for success. She believes that a robust MSME sector can significantly contribute to job creation, poverty reduction, and government revenue generation.

These remarks were made during the launch of the Africa Street MBA program, an initiative by Done By US (DBU), a consultancy. The program aims to offer comprehensive business support to start-ups and small businesses through capacity building, mentorship, business development services, and funding opportunities for young entrepreneurs with innovative ideas or early-stage ventures. The program’s Chairperson and founder of Done By US, King Adawu Wellington, explained that over the next three years, Africa Street MBA will provide world-class business knowledge based on top Master of Business Administration (MBA) curricula and entrepreneurial course content to empower young people.

The Africa Street MBA program, implemented in partnership with the KGL Foundation, is expected to impact approximately 10,000 young people annually. It will include a 12-week start-up accelerator and a mentorship program based on the MBA curriculum. The accelerator program will conclude with a public pitch event, offering seed funding grants to the ultimate pitch winners and potential investments for accelerated businesses.

By addressing the challenges faced by MSMEs and equipping young entrepreneurs with the necessary skills and resources, the Africa Street MBA program aims to reduce the start-up failure rate, foster entrepreneurship, and contribute to reducing unemployment in Africa and beyond.

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