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SMEs seek more government support to integrate into value chain production –KPMG report

Micro Small and Medium Enterprises, (MSMEs) are seeking more government support to participate in formal markets and scale up their operations to realise their full potential in anticipation of the 2023 budget statement.

The business community and MSMEs are also hoping for government to assist in their expansion and consolidate measures to support and integrate into the value chain of corporate businesses in Ghana and external markets across the continent.

These form part of results from the 2023 pre-budget survey conducted by auditing and accounting firm, KPMG Ghana.

Government during the COVID-19 pandemic, supported MSMEs through various institutions with access to finance, training and technical support to revive the sector and position them for growth.

The business community is requesting Government to maintain the initiatives already in place and introduce further measures that will mainstream MSMEs into the value chains of large scale companies and markets in Ghana and across the world.

The respondents believe that if MSMEs receive more support in the area of access to market, it will boost growth and scale them up to benefit from the Africa Continental Free Trade Agreement (AfCFTA) to promote sustainable job creation.

“A targeted government support in terms of providing access to finance and integration into value chains and markets is very critical.

 The survey reflects the general sentiment of the business community on the economy and provides a platform for government to get access to some recommendations from industry players” the report stated.

In October 2022, KPMG surveyed about 100 leading businesses in Ghana and obtained responses from 70 of them.

The questions for the survey were designed to measure their perceptions of the business environment and the fiscal regimes as they impact their operations.

The report comes at a time when the economy is facing macro-economic challenges such as rising inflation, interest rate and severe pressure on the Ghanaian cedi against the major trading currencies.

Businesses, households and Individuals are eagerly anticipating the direction of government’s policy in bringing some respite amid an ongoing discussion with the IMF.

Source: Ghana News

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