Hon. Jerry Ahmed Shaib, Member of Parliament for Weija Gbawe and Second Deputy Minority Whip, has urged the government and key stakeholders to prioritises funding, digitalisation, and financial literacy to bolster Ghana’s micro, small and medium enterprises (MSMEs).
Speaking in Parliament during a discussion marking MSME Day, Hon. Shaib emphasised that whilst MSMEs form the backbone of the national economy, they require targeted intervention to thrive.
He noted, “Mr. Speaker because they play very vital roles including ensuring that there is economic growth, there is innovation, there is job provisions and there is sustainable development. But Mr. Speaker MSMEs do not stand on their own. They need support from businesses, from government and from other international bodies to perform the kind of roles they perform.”
To strengthen the sector, the MP stressed the urgency of improving capital access by making loans affordable and expanding opportunities for grants and investments.
He remarked, “We should improve on their access to finance. How do we do that? By making loans affordable, making grants and investments opportunities more available to MSMEs.”
Hon. Shaib also championed technological integration, pointing to mobile money, e-commerce, and social media as vital tools for boosting operational efficiency.
He observed, “Mr. Speaker if we are able to improve upon the activities of MSMEs we can do better using technology. We should also encourage E-commerce platforms and also even social media to improve efficiency of MSMEs,”
However, he raised concerns regarding a poor repayment culture amongst borrowers, recounting instances where defaulters discarded their SIM cards to evade debts, and recovery teams resorted to throwing stones at roofs during nocturnal visits. To eliminate these chaotic practices, he advocated for stricter vetting, comprehensive training, and robust tracking software.
Furthermore, the Second Deputy Minority Whip highlighted the necessity of financial education, innovation, and infrastructure, explaining that business owners must understand capital allocation.
He added, “There is also the need to improve on financial literacy. Let people know that when you go for facilities the facility is for a particular purpose. You don’t go for a facility that you are gonna use for business then you end up using for funerals. Or using to buy funeral clothings.”
He called for enhanced product development and research to ensure the sector remains globally competitive, stating, “Mr. Speaker we need to encourage innovation, support research, provide the necessary product development and then adopt new technologies to ensure there is competitive nature in MSMEs activities.”
By: Rainbowradioonline.com/Ghana