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16.04.2015 Business & Finance

Medium small enterprises lack right business practices

By GNA
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Accra, April 16, GNA - Mr Samuel Baba Adongo, acting Country Director, Technoserve, says failure of medium small enterprises (MSEs) to grow is due to the lack of awareness on right business practices.

He noted that inability of the MSEs to access the right information and support systems to develop is also a bane.

Mr Adongo was speaking at the maiden edition of the 'Enhancing Growth in New Enterprises (ENGINE)' investors and financing dialogue in Accra on Thursday.

The event was to create a network of investors and financiers, who could provide credit facilities to support small medium enterprises (SMEs).

'They also lack peer-peer networks that help incubate small businesses,' he added.

He said markets have failed to nurture entrepreneurs, particularly small enterprises and star-ups.

Technoserve, a non-profit organisation is currently implementing the ENGINE project to support 500 micro and small enterprises to overcome barriers to growth and improve competitiveness by equipping them with the necessary skills.

He said the project was also to enhance the growth and productivity of start-ups.

He said the expected outcome of the project is that a cadre of high-performing, viable MSEs is established, about 1,770 new jobs created and 300 start-ups linked to investors.

Mr Festus William Amoyaw, Portfolio Manager, Acumen Fund-West Africa said the company invests in game-changing companies and entrepreneurs who are focused to sustain their businesses.

He said the company's focus areas for investment include agriculture, health, education, water and sanitation.

Mr Amoyaw said since 2001, the company has invested in 81 companies and 100 million lives.

He said the company also provides technical assistance to small businesses to solve their challenges for sustainable growth.

'We look to invest in businesses that have transformed the lives of the poor in society,' he said.

Mr Kingsley Adofo-Addo, Senior Account Manager, SME, Domestic Bank, Ecobank said the Bank has launched the 'SME' Club to offer preferential business support, products and services to members.

He said the Club would also serve as a platform for the SMEs to boost their activities through information sharing and networking with peers as well as capacity building.

He said the Bank has committed five million dollars to support SMEs in agri-business for the next seven years.

The participants were taken through topics like micro-finance loan processes, SME loan processes and private equity financing process.

GNA

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