Give SMEs chance to compete — Access Bank MD

The Managing Director of the Access Bank Ghana, Mr Dolapo Ogundimu, has said small and medium scale enterprises (SMEs) should be given the needed attention to enable them to compete effectively on the global market.

Particularly, he said SMEs owned by women should be recognised and assisted, else their economic potential that would not be realised.

Speaking at the “Power Breakfast Series” (PBS) workshop for women entrepreneurs in Accra, he said although the private sector was dominated by SMEs which were touted as the engine of Ghana’s economic growth, they faced challenges with financial support, operational skills and access to markets that could help them expand their operations.

Thus, he said, the bank last year instituted PBS to enhance the operational efficiency of SMEs.

“It is also to empower them with the skills to improve the management of their businesses,” he said.

PBS workshop

Twenty-five women engaged in the SME sector participated in the workshop which was organised by Access Bank in partnership with the International Finance Corporation (IFC). 

The workshop was a continuation of its financial inclusion strategy that seeks to promote economic empowerment, and was under the theme, “Financial Strengthening for Women in SMEs.”

Participants for the workshop were trained in basic financial modules such as Business Financing, Book keeping and cash flow management, among others.

The Managing Director, FC Group of Companies, Mrs Grace Amey-Obeng, said the growth of any business to a large extent would depend on how well it managed its financial resources.

She said that by keeping good records operators would know where the business stood financially and what potential challenges it would be facing, so that they could devise strategies to overcome the obstacles that could prevent the businesses from being successful. — GB