The Ministry of Trade and Industry has urged stakeholders in the sector to collectively work to reduce the challenges confronting Small and Medium Scale Enterprises (SMEs) in the country.

Describing the challenges as a major hurdle for local businesses, the Deputy Minister of Trade and Industry, Herbert Krapa said it will require collaborated efforts from industry players to mitigate and grow the SME sector in the country.

“SMEs do deserve all our attention, they create employment, they fill economic development, they export, they develop skills, they drive innovation and industrialization, they expand our tax base, and they do so much more. Yet their rightful place in our society has not always been given to them, and it is no wonder that the challenges of SMEs remain a perennial conversation.”

Enumerating the myriad of challenges confronting SMEs which include “limited capital and knowledge of the value chain, low production capacity, weak managerial capacity, lack of education, administrative and technical expertise, over-reliance on obsolete technology, and lack of access to market and market information,” the Deputy Minister said the Government has put in place measures to mitigate them to help cushion and grow Ghanaian SMEs to make them competitive.

The Minister also entreated SMEs to leverage the opportunities available in the African Continental Free Trade Area (AfCFTA) to maximize the potential of their businesses.

“There are exciting times ahead for SMEs throughout Africa, the African Continental Free Trade Area (AfCFTA) is that light that has long waited at the end of the tunnel. Intra-African trade is estimated at 16 percent compared to 68 percent for Europe and 59 percent for Asia.”