News:
March 10, 2026
The Member of Parliament for Hemang Lower Denkyira, Lawrence Agyinsam, has urged the government to consolidate efforts in supporting Micro, Small, and Medium-sized Enterprises (MSMEs), arguing that a connected and innovative business landscape is the key to positioning Ghana as the entrepreneurial hub of Africa.
Speaking in a statement on the floor of Parliament on Monday, March 9, 2026, Agyinsam emphasized that while the informal sector is dominated by MSMEs driving massive economic activity, their transformative potential has been overlooked for too long.
“It is time to bring Ghanaian entrepreneurs together on a common pedestal with innovation. Healthy competition is the trademark that will make this country the entrepreneur hub for Africa,” he stated.
The State of MSMEs in Ghana
To underscore the importance of the sector, the MP highlighted the current statistical landscape of MSMEs in Ghana:
* Business Landscape: Ghana hosts approximately 1.9 million business establishments.
* Micro Dominance: Of these, 1.7 million are micro-sized enterprises.
* Regional Spread: The Ashanti Region leads with 464,100 micro-businesses (27.3%), followed by Greater Accra with 379,100 (22.3%). The remaining 14 regions collectively hold 857,800 MSMEs (50.4%).
* Employment Impact: MSMEs account for a staggering 80% of Ghana’s labour force. In the manufacturing sector specifically, they contribute to about 85% of employment, highlighting their critical role in job creation and industrial development.
Despite their numbers, Agyinsam noted that these businesses typically operate with only 1 to 5 employees and “mostly lack the motivation to innovate.”
The Financing Gap and the Case for a Women’s Bank
A major hurdle facing Ghanaian entrepreneurs is access to finance. Citing data from the International Trade Centre (ITC), the MP painted a concerning picture of the credit crunch:
* Global Context: In emerging economies, the SME financing gap was estimated at $5.7 trillion as of 2020.
* Local Struggle: Nearly 70% of SMEs do not access funds from financial institutions, often relying on informal sources like family and friends.
* Gender Disparity: The challenge is more acute for women. The MP noted that 45% of women-managed businesses face financial constraints, compared to 27% of those managed by men. Globally, over one billion women lack access to formal financial systems.
In light of this, Agyinsam threw his weight behind the proposed Women’s Development Bank (WDB) , urging the government to increase its funding allocation to fast-track its establishment.
“The idea of a Women’s Development Bank is commendable and can be used as a policy tool to connect women entrepreneurs,” he said. He further suggested that savings groups and cooperatives should be incentivized to formalize their services to extend capital to budding women entrepreneurs in rural areas.
A Call for Digital Transformation and Skills Training
The MP argued that digital transformation is non-negotiable in the quest to connect entrepreneurs. He proposed that this must be a “shared responsibility” involving both public and private sectors.
Key proposals included:
1. Increased Affordability: Encouraging investment in broadband expansion to reduce the cost of internet connectivity.
2. Closing the Skills Gap: Integrating digital skills into education by establishing more STEM schools and fostering digital talent mobility.
3. National MSME Campaign: Launching national MSME academies and bootcamps through the Ghana Enterprises Agency (GEA) and NEIP to expand financing instruments beyond traditional bank loans.
An Invitation to Invest
In a personal appeal to the business community, the MP extended an invitation to entrepreneurs to explore opportunities in his own constituency.
“Mr. Speaker, kindly indulge me to plead with entrepreneurs to visit Hemang Lower Denkyira—a constituency ripe with business opportunities such as palm oil plantation and processing, as well as rubber production and processing,” he said, reminding the House that the area is home to the famous Kakum National Park.
Kwaku Sakyi-Danso/Ghanamps.com