More Africa nations should consider creating small business ministries, so that SME support is not subsumed under broader ministries like trade or industry.

There are only three countries (Liberia, Republic of Congo, and South Africa) with standalone SME ministries.

FEEEDS has advocated since 2011 for Africa SMEs' key role in nation building; for separate ministries since 2015 with numerous Africa leaders; and in the book Rise of Africa SMEs (pp.160-166).

Below are an additional ten recommendations added to FEEEDS' "Africa SSP" as a result of COVID-19:

FEEEDS - COVID Africa SME Strategic Plan

Africa initiatives raising monies strictly for COVID's impact on SMEs.

Multilateral institutions providing COVID facilities for SMEs through country governments, which could include:

credit, debt, bank loan extensions

tax and royalty deferrals, or holidays

un-banked SMEs to banked using mobile tools (Nigeria has 60 million unbanked)

business rent/lease extensions

special 2-3 year interest rates

fee waivers (ATMs mobile transfers)

increase daily cash transfers limits

increase grants, training

Some countries (Ghana, Kenya, Rwanda, Senegal, South Africa) have stepped up in some areas, but overall attention to SMEs remain sporadic and piecemeal, instead of continental, strategic and transformative – key elements needed to help Africa climb out of recession, and return to previous levels of positive economic growth.

Wakanda News Details

Family Bank, Isuzu deal offers clients 3-month payment holiday

You may also like

Business Facts

Arts Facts

Sports Facts

Education Facts

Random Facts

Lifestyle Facts

Facts About Women