Technology and financial literacy critical for SME growth – lecturer
Entrepreneurs of Small and Medium Enterprises (SMEs) have been advised to seek training in financial literacy and information technology management to help overcome the challenges of sustaining their businesses on the path of growth in a competitive global environment.
Dr. Kwame Owusu-Kwakye, a lecturer at the Kwame Nkrumah University of Science and Technology (KNUST) School of Business (KSB) in Kumasi, said capacity building in sound financial management practices and the infusion of information technology into SMEs was imperative for rapid growth.
He said efforts must be geared towards the sustainability of the SMEs which contributed about 85 per cent of the nation’s Gross domestic products (GDP).
“Everything needed to be done by all stakeholders to ensure their survival to boost the country’s ailing economy,” he stressed.
Dr. Owusu-Kwakye, who also lectures in logistics and supply chain management was making a presentation on “Dreaming Ghana in 40 years and how it affects SMES” at a public engagement of SMEs and the business community in Kumasi.
Put together by the Vodafone Business Solutions and Global Access Savings and Loans Company limited, the programme was aimed at creating a platform to help SME players open up their financial statuses to creditors to enable them offer best advice and financial support.
Under a special partnership arrangement, Vodafone Business Solutions will provide the needed technology whiles Global Access will also offer financial Solutions to aid best outcomes to keep SMEs on track.
Speaking on “Building Generational Businesses”, Mr. Robert Kwakye-Nketia, the Ashanti Regional Chairman of the Association of Ghana Industries (AGI) advised SME entrepreneurs to aim at building their businesses to transcend generations.
“This would call for systematic planning and foresight,” he said.
Mr. Enoch Ofori, Chief Executive Officer (CEO) of the Global Access who spoke to the media on the sidelines, said his outfit was not only offering loans to SMEs but also helping them to manage their businesses well through prudent business advisory services, to keep them always afloat.
Mr. Jerry John Ofori of the Vodafone Business Solutions said Vodafone always has the consumer at heart and that its actions have been geared towards optimizing consumer satisfaction whiles creating effective networks to help scale up the businesses of SMEs.
Source: GNA