The Institute of Entrepreneurs and Small Business Development (IESBD) in collaboration with the Foundation for Financial Inclusion has launched the Ghana Informal Sector Business Executives Summit and Awards.

The Summit and Awards scheduled to take place on August 10, under the theme: “Informal Sector: The Engine for Economic Growth and Development”.

The event seeks to create an opportunity to acknowledge the important role the sector plays in promoting wealth and prosperity in the country.

Mr Joshua Mensah, the Executive Director of the IESBD, said it is necessary to recognise the enormous contribution of the informal sector over decades as there is currently no awards to appreciate the efforts of the sector players.

He said if the informal sector is well motivated, the sector could contribute significantly to the development efforts.

He said the informal sector as an engine of growth in any economy, created a significant portion of the workforce adding that the sector has emerged a highly vibrant and dynamic one.

Mr Mensah said the event would be held in partnership with more private sector institutions, Non-Governmental Organisations, and Small-Medium-Enterprises.

Madam Rebecca Turkson, the Project Lead at the FFI, said the development of the informal sector is important as it is the backbone of the Ghanaian economy as it employed many people.

She called on all stakeholders interested in the promotion and the advancement of the Ghanaian private sector to join the effort to build the capacity of the sector players.