The GEA replaces the National Board for Small-Scale Industries (NBSSI), which has been in operation for more than 30 years, providing financial support to small-scale enterprises.
Ms Kosi Yankey-Ayeh, the Executive Director of NBSSI, addressing the media in Accra, said the GEA would be the apex body for promoting the development of MSMEs to improve the quality of life, job and wealth creation.
She announced that a new grant support of GHC100 million would also be launched on Wednesday, to provide financial support to businesses.
The MSMEs constituted about 92 per cent of all registered businesses in Ghana and employed about 85 per cent of the manufacturing workforce, contributing to about 70 per cent of Ghana’s Gross Domestic Product (GDP).
The Ghana Enterprises Agency Act, 2020 (Act 1043), was passed by Parliament in November 2020 and assented to by President Nana Addo Dankwa Akufo-Addo in December, 2020.
The Act repealed the National Board for Small-Scale Industries Act 434, (Act 1981).
Ms Yankey-Ayeh said the NBSSI’s annual budget had increased from GH¢20,000 in 2016 to GH¢500 million currently.