The Ghana Enterprises Agency has launched the GEA classification of Micro, Small, and Medium Enterprises regulations (L.I. 2470), as part of celebrating this year’s International MSMEs day.
The purpose of these regulations is to redefine the Micro Small and Medium Enterprises. (MSMEs). Also, the regulations will provide a National definition for research activities and data collection relating to Micro, Small, and Medium Enterprises as well as facilitate the compilation of a national register of MSMEs
Speaking at the Launch, the Chief Executive Officer for Ghana Enterprises Agency, Kosi Yankey-Ayeh, highlighted the theme for this year’s international MSMEs Day which is MSMEs and SDGs: Leveraging the Power and Resilience of Micro, Small, and Medium-sized Enterprises to accelerate sustainable development and eradicate poverty in times of multiple crises. She said one way we can eradicate poverty as the SDGs demand is through the MSMEs, identifying and understanding them and their roles.
According to the Ghana Enterprises Agency, by the regulations, the agency shall classify an Enterprise as a micro-enterprise if that enterprise has permanent employees of one up to five (1-5) persons and a turnover of an amount less or equal to one hundred and fifty thousand Ghana cedis or a fixed asset value of an amount up to one hundred and fifty Ghana cedis.
The agency shall classify an enterprise as a small enterprise if that enterprise has permanent employees of six up to thirty (6-30) persons and a turnover of more than one hundred and fifty thousand Ghana Cedis up to six million Ghana Cedis or has a fixed asset value of more than one hundred and fifty thousand Ghana Cedis up to six million Ghana Cedis.
Again, the agency shall classify an enterprise as a Medium enterprise if that enterprise has permanent employees of thirty-one up to one hundred persons and a turnover of more than six million Ghana Cedis up to eighteen million Ghana Cedis or a fixed asset value of more than six million Ghana Cedis up to eighteen million Ghana Cedis. According to Ghana Enterprises Agency, where the employment size, turnover, or fixed asset value of an enterprise exceeds the classification provided for medium enterprises under sub-regulations regulations (3), the enterprise is considered as a Large enterprise.
Delivering the keynote address, the Minister for Trade and Industries Hon. K. T. Hammond reiterated the Government’s commitment to creating jobs through Micro, Small, and Medium Enterprises as the Micro, Small, and medium enterprises are the bedrock of our economy.
He commended the Chief Executive Officer for Ghana Enterprises Agency, Kosi Yankey-Ayeh for her dedication towards the agency.
“The Government is aware of the challenges confronting the MSMEs and Government as in the year 2017 directed the Ghana Enterprises Agency to ensure the MSMEs operate efficiently as they contribute to the socio-economic development of the country. I particularly commend the chief executive officer, Kosi Yankey-Ayeh for her dedication. “He stated.
The year’s MSMEs Day offers an opportunity to discuss and exchange ideas on how key stakeholders, including policy policymakers, large companies, financial institutions, and the international community can support micro-, small, and medium-sized businesses to advance the 2030 Agenda and contribute to achieving the SDGs, including poverty eradication and decent work for all.
Ghana | Atinkaonline.com | Abigail Owusu Ahimah.
