Executive Director of the National Board for Small Scale Industries, Kosi Yankey-Ayeh, has told Joy Business that the passage of the new act that rebrands it as Ghana Enterprises Agency is part of a long term transformation for Small Scale businesses in the country.

Parliament on Tuesday passed the Ghana Enterprises Agency Bill 2020 to establish the Ghana Enterprises Agency to replace the NBSSI in order to have a bigger mandate for SMEs.

Speaking to Joy Business about the new development, Kosi Yankey-Ayeh assured SMEs that more funding programmes will be executed under the new mandate.

According to her, the transformation will help strengthen many Micro Medium and Small Scale Enterprises.

“The opportunity and direction of this new agency is endless because the SME sector is an engine of growth and we are hoping to use this to accelerate their growth.

“Micro, Small and Medium Enterprises should expect an improved services from the Ghana Enterprises Agency as well as a more decentralized body for all” she noted.

The bill was passed under the certificate of urgency.

The new Ghana Enterprises Agency will oversee, coordinate and promote the development of Micro, Small, and Medium Scale Enterprises.

A special funding vehicle will also be established to provide funding for the small and medium scale businesses under the new Bill.