30.03.2005 Business & Finance

Advisory services for SMEs laudable

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Accra, March 30, GNA - Mr Joseph Winful, Senior Partner KPMG, on Wednesday described as laudable, government initiative to offer management advisory services to small and medium scale enterprises to enhance their growth.

As part of the government's plan, the National Board for Small-Scale Industries, the National Vocational Training Institute and the Integrated Community Centres for Employable Skills would be strengthened to provide relevant technical and management advisory services to the SMEs.

Speaking at a special forum organized by the Ghanaian-German Economic Association to examine private sector initiatives in the 2005 budget, Mr Winful said the institutions would be able to play their advisory roles adequately if they were allocated more resources to help the SMEs. He said when carefully nurtured the SMEs would form the bedrock through which the country's economic growth could be propelled.

Mr Winful also asked managing directors of SMEs to change their style of management and run the enterprises on purely business lines. He also emphasised support for commercialisation of research, innovation and development, saying this was key to future growth of industries.

Dr Mahamadou Bawumia, Special Assistant to the Governor, Bank of Ghana, said various initiatives had been undertaken in the budget to ensure macro-economic stability vis-=E0-vis growth. He spoke of the drop in interest rates, inflation and the stability of the cedi against major international currencies. He said various financial reforms being undertaken were to ensure improved payment system, enhance access to credit and reduce risk.

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