The National Board for Small Scale Industries (NBSSI) has organized an Entrepreneurship, Business Management and Financial Literacy training for some 8, 100 Micro, Small and Medium Scale Enterprises (MSMEs).
As part of its core mandates to support private businesses to recover from the effects of the pandemic, the event is primarily targeted at beneficiaries of the Coronavirus Alleviation Programme Business Support Scheme (CAP BuSS).
The ongoing training exercise is expected to end on Saturday, October 31, 2020.
Programmes being discussed includes financial management, bookkeeping, basic accounting and formalization of businesses. It is hoped that these topics will contribute positively to the agenda of NBSSI to push for the formalization of MSMEs in Ghana.
Currently, training programmes are being enabled by representatives of the Board and other professionals with experience in financial literacy and business formalization.
The initiative forms part of the technical support aspect of the Scheme being implemented by the NBSSI to assist beneficiaries of the CAP BuSS initiative to equip them with supplemental skills and necessary Know-how to not only grow but sustain their business.
Since the inception of the Scheme, NBSSI made it known that the Scheme will not only focus on providing financial support to these beneficiaries but will be equally dedicated to ensuring that beneficiaries utilise the funds in order to grow and sustain their businesses which will motivate repayment.
Similarly the Board revealed that its 185 offices are opened to assist MSMEs all year round.
While at it, the NBSSI has taken into consideration the necessary Covid-19 health protocols to ensure that participants are safe.
Provision has been made for Personal Protective Equipment (PPEs) including hand sanitizers, soaps, nose masks, water and veronica buckets. Social distancing is also being observed.
Purpose of the CAP BuSS in aiding businesses
The Coronavirus Alleviation Program Business Support Scheme (CAP BuSS) was launched in Ghana in May 2020 by President Nana Akufo-Addo. It was formed as part of Ghana’s government intention of providing support to MSMEs who were affected by Covid-19 pandemic.
It was presented by an agency under the Ministry of Trade and Industry in Ghana, the NBSSI.
The government of Ghana in an effort to ensure the growth of business enterprises established the National Board for Small Scale Industries by Act 434 of 1981 and is mandated to promote the growth and development of Micro, Small and Medium Enterprises (MSMEs).
MSMEs in the country accounts for 92% of businesses and contribute to about 70% of Gross Domestic Product, according to ISSER. Undoubtedly, MSMEs are the pulse of the Ghanaian economy. It is these businesses that keep the lights on in Ghana.
Presently, about 237,518 MSMEs have received disbursements from the Scheme. Beneficiaries include businesses in the manufacturing, health care and pharmaceutical, water and sanitation, textiles and garments, education and hospitality sectors.
