Small and Medium Enterprises in the Sekondi – Takoradi Metropolis have been called upon to pariticipate in an upcoming business forum aimed at providing modern business tools for business sustainability and competiveness.
According to Research by Association of Ghana Industry(AGI) on competitiveness of SMEs in Ghana, Small and Medium-sized enterprises (SMEs) are the backbone of the Ghanaian economy – they represent about 85% of businesses, largely within the private sector, and contribute about 70% of Ghana’s gross domestic product (GDP).
In terms of formal sector employment, they account for just over half of all full-
time employment, with the percentage likely much higher in the informal sector.
This makes it more significant for attention to be paid in enhancing the competiveness of the sector to improve their contribution to Ghana’s GDP.
It is against this backdrop that Calbank in collaboration with Focus 1 Media is coming up with a Business Clinic on November 12, 2021 at the Best Western Plus Atlantic Hotel in Takoradi to address some challenges of the sector.
Small Medium enterprices are faced with issues of Financing, Bookkeeping, Succession planning, Technology, Marketing, Advertisement and more which the forum is seeking to address.
The event is also made to create a common platform for business owners, entrepreneurs and experts to have discussions on how the SME sector in the Metropolis could thrive in today’s business environment to create solutions to relevant modern business issues.
In an exclusive interview on Spice FM’s flagship Morning Show, Adzekye Mu Nsem with Kwame Offei, the Central and Western Regional Corporate Manager of CalBank, Mr. Alfred Kwame Acquah observed that owners of businesses could employ competent people to take important roles in their companies to ensure the right things are done for the progress of the organization.
He spoke about why some businesses fail to secure loans from financial institutions
“Some of the banks check for basic things like bookkeeping and succession planning which serves as indication for the banks before any support is given. Others are taken aback from employing extra hands looking at the amount of money to be paid to them. Most of the entrepreneurs do not heed to advise given by the banks, he said”.
The Manager for Western Business CENTRE, Calbank, Mr. Kingsley Oduro Agyemang emphasized on the need for businesses to seek for not only financial assistance but education on how to keep themselves in business.
He added that Most often than not businesses fold up because of lack of advice and expertise on how to utilize opportunities and financial assistance.
Mr. Kingsley Oduro Agyemang urged Managers and owners of businesses to make sure their firms and workers are insured against any unforeseen circumstances. “Individuals and entrepreneurs are encouraged to seek knowledge and support on starting up with businesses”.
Miss Doris Amoako, an agent Network Supervisor of Western Region also encouraged the public to make use of online banking platforms in order to reduce the numerous clients in the banking hall amid COVID-19
Dorothy Edem Tsidi Chief Commercial Officer, Prudential Life Insurance Ghana also shared the essence of insurance to cushion SMEs in a period of uncertainity.
She touted Prudential Life Insurance’s reliability on claim payment which is real test of insurance.
Dorothy Edem Tsidi added that their collaboration with calbank is timely and significant since calbank sells an insurance product by prudential insurance known as Bank Assurance which has necessitated the partnership.
The stakeholders called on all SMEs in the Metropolis to take advantage of the free business forum and participate in the event to learn about modern methodologies and strategies to improve their businesses.
The CalBank/Focus 1 Media SME Clinic is expected to come off on 12th November, 2021 at the Best Western Pluss Atlantic Hostel at 9am.
The Western Regional Minister and MP for Takoradi Constituency, Hon Kobby Okyere Darko Mensah is expected to give the key note address.
Some of the renowned business experts who would grace the event include the Head of Digital and Inclusive Banking of CalBank, Martha Aquaye, Commissioner and Director in Charge of Western and Central of Ghana Revenue Authority, George Amankwa Boateng and Group Head Consumer and Retail Banking, Dorothy Edem Tsidi Chief Commercial Officer, Prudential Life Insurance Ghana and more.
Story Kwame Offei
