MSMEs- an essential ingredient in building a transformative economy #brt2022

The Business Roundtable (BRT) which is an annual forum organized by?Ishmael Yamson & Associates was held 2 weeks ago on 18th May. The theme was “Building a Transformative Economy – A Partnership between the State, the Youth and Business .”?It is a forum for business executives, policymakers, millennials, and other key stakeholders to discuss a wide range of topics, issues and risks facing the economy and taking advantage of opportunities to ensure the creation of a more sustainable economy.

Ahead of the BRT, we started a number of conversations (posts, polls and articles) here on LinkedIn including: Running a business in Ghana is for the tough skinned and Supporting sustainable development in Ghana through a review of the political systems .

Personally, I had an idea of the challenges faced by Ghanaians, however to have a well-rounded conversation it was necessary to conduct the necessary research. I observed the limited availability of timely and relevant data to support my research (this could be a potential business opportunity).

The 3-hour discussion can be accessed from the Ishmael Yamson & Associates facebook page . This post is to share from my perspective the pertinent points from the forum. I was elated when I observed that most of the issues we know and are aware of is known to many. The common challenge is how to finally tackle these issues sustainably to build the transformed Ghana we all crave for.

Kosi Yankey-Ayeh (CEO, Ghana Enterprise Agency) set the pace for the discussions. Firstly, I applaud Kosi for the visibility and support given to SMEs through the Ghana Enterprise Agency. She spoke about the programmes in place to support SMEs in Ghana with focus on designing and implementing policies that are clearly directed at supporting SMEs, including sharing interesting statistics from data gathered by the agency. These are the points that stood out for me:

• There are more women in business and they contribute 36.5% to the economy. Interestingly, 70% of the women who applied for the COVID 19 relief fund had only 40% of the funds allocated to them. How can you and I and all the other relevant players do our part to support women run businesses?
• Progress has been made in respect of reaching SMEs at the district level and utilising local languages to communicate and support these businesses. This is particularly important because of the significant number of businesses in the informal sector.
• Key sectors to support growth have been identified: agriculture and industrialisation, pharmaceuticals, textile and garments and petrochemicals among others.
• There is also a growing focus on digitisation and technology for SMEs.

The youngest among the panel I believe was Tonyi Senayah (CEO, Horseman Shoes), the shoemaker making strides. A simple compliment and someone placing a bet on him as a young business owner encouraged him to come this far with his Horseman Shoes brand. Having him on the panel is a sign of hope to the youth that they can also start and run an impactful business. He raised these relevant topics:

• The documentation of business failure stories should also be done in addition to the success stories. This can be a source of learning for potential and existing business owners.
• Technical and Vocational Education and Training (TVET) should not be the last resort. The mindset that TVET is for those with low grades needs to change.
• There is also the need for a cultural mindset and attitudinal change.
• Policies designed should have measures in place to encourage continuity and accountability.

Next was the calm speaking Kofi Dadzie (Tech Strategy & Governance Consultant/ Co-Founder Rancard Solutions). I would describe him as a man with great depth. Everyone who listened in or was present at the Metro TV studio for the discussion would agree that his David and Goliath analogy left an imprint. These were the nuggets I left the discussion with:

• It is very important that any agenda for the youth should have the youth in the driving seat. They should be involved in driving the change we are looking to achieve.
• Technology must become a culture of the country.
• Everyone's favourite take-home, the David (youth) and Goliath (challenges) story. He started off with a quote; "The young do no know enough to be prudent and therefore they attempt the impossible- and achieve it, generation after generation." - Pearl S. Buck and emphasised the importance of throwing challenges and complex problems to the youth to discover their ingenious approach and solutions to tackling these issues.
• He encouraged the building of ecosystems and value chains around the critical sectors of the economy.

Finally, the captivating speaker, Joe Jackson (Director of Strategy & Business Operations, Dalex Finance) started by emphasising Tonyi's point; how Ishmael Yamson took a bet on him and his business in his youth which was quite risky. He provided the perfect summary to all the discussions; which was the value of MSMEs in the economy. These were my take-home points:

• The players to save Ghana are the MSMEs, large corporates and the Government.
• MSME policies should be encompassing to include the non-english speaking business owners.
• MSMEs need skills building: digitisation, financial and marketing skills. Access to finance which is equally important should not be the only focus.
• The informal sector will benefit from reduced regulation and red tape.
• Measures utilising technology should be put in place to boost lending to MSMEs.

Maame Efua De-Heer (Policy Analyst & Public Health Professional) was also a contributor to the forum. She shared her perspective from the health and public policy angle. She indicated the need to include all relevant stakeholders in the policy formulation process. She encouraged policies to encourage health equity and reduce income disparities.

Special thanks to the Moderator, Odelia Ntiamoah who took on her role seamlessly! She was on top of the topics and also added her voice to that of the panel members. Lastly, to Ishmael Yamson & Associates for creating this annual platform to discuss relevant and impactful topics. I truly enjoyed every second of this and looking forward to BRT 2023!