The Ghana Enterprises Agency (GEA) Act, 2020, (Act 1043) (the “Act”) has repealed the National Board for Small Scale Industries (NBSSI) Act, 1981, (Act 434) and the Ghanaian Enterprises Development Act, 1975 (NRCD 330).
As a foundation to this development, NBSSI, was established as the apex body for the development of small-scale industries in Ghana. It functioned as a non-profit public sector organisation under the Ministry of Trade and Industry with a mandate delimited to the Small-Scale Industry (SSI). Although this classification was relevant at the time of its establishment, globally, the emphasis has changed from Small Scale Industries to Micro, Small and Medium Scale Enterprises (MSMEs).
In keeping with the times, the Act, creates the Ghana Enterprises Agency (the “Agency”) to replace the NBSSI. The Agency represents the entire continuum of enterprises that fall within the MSME class.
The Act provides an appropriate institutional and legal framework for the coordination and promotion of programs and projects for the development of the MSME sector in Ghana.
Some changes and notable inroads made by the Act are highlighted below. This will be done by looking at the nature of the Agency, the functions of the Agency, funding of the Agency, the establishment of the MSME Fund...