Let’s address constraints inhibiting growth of SMEs – BoG Deputy Director

Mr. Ismail Adam, Deputy Director, Banking Supervision Department, Bank of Ghana (BoG), has bemoaned the difficulties small and medium enterprises (SMEs) go through in starting and setting up their businesses.

He said those enterprises, particularly women-led SMEs, faced several challenges in building their businesses, citing socio-cultural norms as well as the lack of economic and training opportunities, which impeded their growth.

The lack of awareness on legal rights and requirements, pertaining to setting up a small-scale business as a citizen of the country, had over the years also impeded the growth of SMEs, the Deputy Director observed.

Mr Adam was addressing a conference in Accra to mark the successful completion of the Financial Inclusion and Enterprise Development Project.

The five-year project was funded by the Canadian Government with the objective of increasing access to formal financing, providing business training and networking opportunities for SMEs in Ghana, with a focus on women and vulnerable groups.

The conference had in attendance several key figures, including representatives from the BoG, Ministry of Gender, Children and Social Protection, Canadian Government, Ministry of Finance, Ghana Association of Savings and Loans Companies, Ghana Microfinance Institutions Network, Association of Financial Non-Governmental Organisations, Ghana Enterprises Agency, Sinapi Aba Savings and Loans, Inc., and Opportunity International Canada.

There were presentations on the approach and learnings from the innovative project delivered by the implementing partners – Sinapi Aba Savings and Loans Incorporated and Opportunity International Canada.

Mr Adam lauded the project implementors for delivering on their mandate in ensuring that there was an increased access to formal financing, business-to-business linkages and networking opportunities for SMEs in Ghana.

He expressed the hope that the Project has provided vital lessons for SMEs to thrive in the country.

Opportunity International Canada is part of the Opportunity Network, founded in 1971, which currently provides loans, savings programmes, insurance and other financial services and training to more than seven million loan clients and 14 million savings clients over 20 countries across Africa, Asia, Latin America and Europe.

Source: GNA