Lacking essential knowledge and strategies to manage Small and Medium Enterprises (SMEs) as an entrepreneur hinders the growth and success of businesses.

Entrepreneurs who lack funding and limited knowledge struggle to create proper business plans and efficiently manage operations.

As an intervention, the National Entrepreneurship and Innovation Plan (NEIP), has equipped over 200 young entrepreneurs and others with comprehensive SME development insights for business growth and sustainability.

Due to the evolving private business ownership ecosystem, it has become crucial for entrepreneurs to seek education, understanding and resources to start, own and run SME businesses.

The conference by NEIP and Konrad Adenauer Stiftung was on the theme: “Understanding the SME ecosystem in Ghana.”

It brought together key stakeholders, including entrepreneurs, policymakers and academicians to discuss challenges, opportunities and strategies in the small and medium enterprise.

Beneficiaries were provided insights on topics like Status Quo of SMEs in the Enterprise Ecosystem, Academic Training and Promotion of Enterprise Development.

They were also taken through the private sector in enterprise development and SME actors and their stories.

Director of Programs at KAS, Joseph Agyapong Darmoe, said the conference will provide participants how to understand and survive in the SME ecosystem.

“We reached out to the NEIP and the GIMPA Business School after realising the defects in the entrepreneurship world. And we agreed that we could all try to let participants understand the ecosystem from our own perspective instead of reading reports,” he said. 

Chief Executive Officer of the National Entrepreneurship and Innovation Plan (NEIP), Kofi Ofosu Nkansah, was confident that efforts like these will heighten the entrepreneurial spirit to reduce youth unemployment.

“It is important to encourage young people to take advantage of opportunities like this to help them control their business, and help our GDP in the long run. Government cannot do it alone, which is why I am happy that all stakeholders are building a strong entrepreneurial society,” he said. 

Participants indicated that the conference has afforded them an opportunity to channel their grievances to the appropriate office.  

“Women in business especially like myself in the manufacturing industry face lots of problems, internal and external. So when we meet like this, our guess is that the issues will be taken up to the appropriate quarters for redress,” an entrepreneur shared.