Zenith Bank sharpens business skills of SMEs

Statistics from the Registrar General's Department of Ghana has revealed that 90% of companies registered in the country are micro, small and medium enterprises.

These enterprises have been identified as catalysts for the economic growth of the country, as they are a major source of income and employment. To address problems confronting Small and Medium Enterprises (SMEs) in Ghana, Zenith Bank Ghana Limited, a leading commercial bank in the country, has organised a comprehensive seminar to sharpen their business acumen skills, and also help them have access to capital.

Speaking at a seminar dubbed “Bridging the Gap Between SMEs and Financial Institutions” in Accra, the Managing Director and Chief Executive Officer (CEO) of the Zenith Bank Ghana Limited, Mr. Andy Ojei, observed that the complexity and the cost involved in the process of accessing financial assistance, militates against the smooth operations and growth of the SMEs.

He appealed to the managers of SMEs to put the knowledge they would acquire from the seminar into good use, and challenged them, “The super powers of today, have not only succeeded, but are reference points, because they took a decision to strategise and move en mass as a community.”

The Minister of Trade and Industry, who was the Special Guest of Honour, Ms. Hannah Tetteh, urged the SMEs to formalise their businesses, and also keep accurate financial records which would help them to be credit worthy.

Ms. Tetteh called on the SMEs operators to position themselves in such a way that their bankers would see that their business had the potential for long-term survival.

She stressed the need for all businesses, irrespective of their size, to focus on good corporate governance and proper management.

“They must be seen to have development plans and succession plans that do not only exist as documents, but must actually be implemented by the businesses,” Ms. Tetteh urged.

The Minister announced that the government was in the process of re-organising the National Board for Small Scale Industries (NBSSI), to properly empower it to provide business development services to the SMEs.