GEA replaces NBSSI to meet contemporary business needs – Finance Lecturer
A Senior Finance Lecturer at the SD. Dombo University of Business and Integrated Development Studies, Dr. Joseph Derry Nyeadi has said that the establishment of the Ghana Enterprises Agency (GEA) to replace the National Board for Small Scale Industries (NBSSI) is a move to meet contemporary needs of businesses to thrive in the country.
Speaking on Info Radio’s late afternoon show, Te Zine Yiri Yela on Tuesday, June 15, 2021, Dr. Nyeadi said the GEA has come as an upgrade version of the NBSSI, which was established 40 years ago, to efficiently manage the micro, small and medium enterprises (MSMEs) sector in the Ghana.
He said that from the time of establishment of the NBBSI, there have been new demands of business growth and development hence, the establishment of the GEA to respond to the growing needs of businesses in the country.
Dr. Joseph Derry Nyeadi noted that the GEA will provide coaching services to startup and established businesses to sustain and improve their day-to-day operations.
He observed that most businesses usually start well but along the fear collapse due to managerial and sustainability ill-plans adding that, businesses will under the GEA receive to business coaching to overcome those challenges.
He added the business coaching will also help businesses draw succession plans for future sustainability against unforeseen circumstances.
He also said that the GEA will also ensure easy access to finance for startups and also for established businesses to expand their operations. He said the GEA will ensure this through both public and private sector support.
The National Board for Small Scale Industries (NBSSI) has been elevated into a bigger entity to be known as the Ghana Enterprises Agency (GEA) following the passage of the Ghana Enterprises Agency Bill, 2020 into an Act on Tuesday, November 3, 2021, by a unanimous decision in Parliament.