Mr Seung-Hun Chun, President of Korea Institute for Development Strategy, reiterated the need for government to institute effective measures to enable Small and Medium Scale Enterprises (SMEs) in Ghana to survive competition in the global market.
"Such steps will also help SMEs to increase export of local goods to the international market and boost the capital base of these businesses," Mr Chun, noted, when a six-member delegation from the Republic of Korea paid a visit to the Ministry of Trade, Industry, Private Sector Development & PSI in Accra.
The group also presented a paper titled; "Knowledge Sharing Programme for Ghana 2008" which sought to provide guidelines for the attainment of the country's' Middle Income Status by 2015.
He said for the nation to become a middle income country, it needed a comprehensive framework to build a strong foundation for SMEs.
According to Mr Chun, the framework sought to revise and upgrade the Companies Code of 1963, reduce tax burdens for SMEs and create one-stop-shop not only for foreign investors but for local entrepreneurs.
He said the judicial system should expand and strengthen the fast track automated courts and establish Commercial Division of the court nationwide.
With regard to the informal sector, Mr Chun said the government of Ghana should put in place measures to reform administrative regulations.
He said the nation should develop a selective promotional policy to stimulate expansion of SMEs with growth potential.
Mr Chun entreated the nation to improve the administrative capacity by enacting an SME support law, establish an inter-ministerial level control for SME policy and establish financial institutions for SMEs such as industrial bank, credit guarantee fund and credit evaluation fund.