THE Ministry of Small to Medium Enterprises and Co-operative Development has begun consultations with a view to adopt findings from a report that was carried out with the view to improve the contribution of small businesses to the economy.
Report by Tarisai Mandizha
Speaking at a stakeholders’ workshop in Harare, the ministry’s secretary Kilborn Muchandisiye said the FinScope Macro, Small and Medium Enterprises (MSME) Survey is a national representative survey developed by FinMark Trust (FMT) focusing on ways to turn around the sector which is emerging as a key economic driver.
Muchandisiye said the aim of the survey was to build a comprehensive body of evidence to assess the size and scope of MSME in Zimbabwe.
“The process has enriched the survey and the shared results have contributed meaningfully to members who have a common interest in MSME development and financial inclusion as well as to the overall growth and development of the country,” he said.
The FinScope MSME Survey 2012 revealed that there are 2,8 million MSME owners in Zimbabwe, owning 3,5 million businesses, employing a total of 2,9 million people excluding the business owners.
According to the survey, turnover of the MSME sector in 2012 was estimated to be at least $7,4 billion.
The Ministry of Small to Medium Enterprises and Co-operative Development director in charge of research and policy development Tabani Shoko launched the FinScope MSME Survey Zimbabwe 2012 at the beginning of the year and is currently working on the recommendations.
“We are now on the recommendations stage and have invited various stakeholders. The consultation stage will be an ongoing process,” said Shoko.
Speaking at the same event, World Bank country manager Nginya Mungai Lenneiye said the findings of the survey would dovetail into the country’s new economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.
“The FinScope MSME survey seeks to understand obstacles that hinder entrepreneurs in micro, small and medium enterprises from exploiting opportunities to expand economic production, create jobs, improve living standards and create wealth for the current and coming generations,” Lenneiye said.
He said about 95% of the MSMEs make up most of the informal sector and provides most of the existing opportunities for employment.