Government support measures boost SMEs
SMALL to medium enterprises (SMEs) in Bulawayo say their operations have been enhanced by the Government’s foreign currency auction system through improved access to foreign currency, among other support measures.
Since June 2020, the Government has been conducting a weekly foreign currency auction system, which allows large and small businesses to access affordable foreign currency for retooling and importation of raw materials.
Guided by the National Development Strategy 1 (NDS1) and the National Micro Small and Medium Enterprises Policy (2020-2024), Zimbabwe has over the years been implementing a number of programmes and projects to spur the growth of small businesses.
Some of the programmes include improving the enabling legal and regulatory environment, management and technical skills development, access to modern production technology, market development and trade promotion, workspace development and SMEs financial support, among others.
National Development Strategy 1 (NDS1)
In remarks during the graduation of some SMEs entrepreneurs in Bulawayo on Friday, Bulawayo Chamber of SMEs chairperson, Mr Coustine Ngwenya, said through Government support, their members have managed to access finance, markets and training.
“As the SMEs sector we would like to appreciate the support that we are getting from the Government and various programmes being implemented such as the funding support through SMEDCO, the Zimbabwe Women Micro-Finance Bank and other empowerment funds from the ministry,” he said.
Mr Ngwenya said the sector was also grateful to the Reserve Bank of Zimbabwe for its support through the introduction of the foreign currency auction system for SMEs.
He called on the Government to continue working closely with financial institutions that were supporting SMEs.
Mr Ngwenya also applauded the Government’s market development initiatives, which have opened opportunities for SMEs to attend local, regional and international expos and exhibitions.
Through the national trade development and promotion agency, ZimTrade, the Government has been conducting inward and outward seller missions that have seen the SMEs sector benefiting from the information.
More than 300 SMEs have graduated to mainstream businesses while some have managed to grow from medium enterprises to large corporations.
SMEs continue to play an important role in the socio-economic development as the nation works on becoming an upper middle-income society by 2030.
Reserve Bank of Zimbabwe (RBZ)
The sector is significantly contributing to employment generation, wealth creation and poverty reduction.
The MSME 2021 Survey has revealed that the sector is made up of 3,4 million businesses and provides full-time employment to over 4,8 million people. —chronicle
