The Ministry of Trade and Industry is in the process of formulating an industrial policy to promote technology and innovation in the country, Mr. John Gyetuah, Deputy Minister of the Sector, has announced.
He said the move formed part of measures to strengthen the private sector and make it the real engine of growth. Speaking at the launch of the Suame Magazine Financial Irrigation and Investment Project in Kumasi, he said small and medium scale enterprises would be encouraged to strive for excellence. Mr. Gyetuah said to this end, the ministry had planned a multi-stakeholder meeting on the policy for small and medium enterprises to make input to ensure its viability and smooth implementation. The project is intended to mobilize fiscal resources from Suame Magazine into an investment account in partnership with some financial institutions.
This would serve as a common financial pool and security for the Suame Magazine Industrial Development Organization (SMIDO) in its business transactions for enterprise development. The Deputy Minister said the policy, would look at long term financing for industrial development, skilled labour and labour productivity, industrial sub-contracting, Information Communications Technology (ICT) and automation in industrial development.
Mr Gyetuah said the Ministry was providing support for small and medium enterprises under the Business Development Service Fund of the Micro, Small and Medium Enterprises Project to train the entrepreneurs to build their competitiveness, market research, international market visits, quality management improvement and product development. Mr. Gyetuah expressed happiness that his Ministry is working with SMIDO to put in place measures to improve the capacity of its members at Suame Magazine and beyond.
Otumfuo Osei Tutu II, Asantehene, said in a message read on his behalf that access to affordable and long term funding for Small and Medium Enterprises had been a major challenge facing the private sector and the over all industrial development of the country.
He therefore commended SMIDO for initiating the project to facilitate loan acquisition by artisans to expand their businesses.
The Asantehene observed that the Suame Magazine, which has a daily cash transaction of several thousands of Ghana Cedis, could be further developed to augment the country's industrial advancement if artisans adopt best practices and made good use of ICT.
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