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SMEs are core drivers of the economy – Deputy Trade and Industry Minister

The Deputy Minister for Trade and Industry has commended businesses, particularly Small and Medium Enterprises (SMEs) that operate in the country

Delivering a keynote speech at the Ghana Social Enterprise Forum on Friday, Mr Herbert Krapa said that SMEs are the core drivers of the economy.

“Businesses, and in particular SMEs here in Ghana, are the core of our economy,” he said.

According to him, although hit by challenges and a number of limitations, they continue to impact the lives of Ghanaians.

“They create employment; they fuel economic development; they export, they develop skills; they expand our tax base; they drive innovation and industrialisation, and they do so much more. Yet, owing to systemic challenges, these small businesses are rather the most vulnerable in challenging times,” he added.

As a result, he advocated for SMEs to be invested in, adding that SMEs will continue to deliver more outcomes when supported.

“We have a responsibility today, to advance an economic agenda that is broad enough to capture everyone in its way.

“We have close to two million Small and Medium Enterprises, who significantly generate about 70% of GDP, accounting for approximately 80% of all employment. But, under the wrath of conflict and pandemic, most of these firms have faced the most difficulty surviving,” he lamented.

Source: Ghana News

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