Stanbic Bank Ghana Holds Virtual Meeting for MSMEs

Stanbic Bank Ghana has put together, a special virtual conference for local Micro, Small and Medium Enterprises (MSMEs).

The conference which was under the theme; “Building Agility in the COVID-19 Era”, was hosted by the Executive Director of the National Board Small Scale Industries (NBSSI), Mrs Kosi Yankey-Ayeh, and Head of Evaluation and Registration at the Food and Drugs Authority (FDA), Mr Percy Adomako-Agyekum.

While speaking at the conference, Mrs Yankey-Ayeh, the NBSSI notified the distress of MSMEs during this period and indicated that the primary concern as a government agency during this pandemic was to provide technical and financial support to MSMEs. This decision by the government was to ensure the survival of businesses and it’s viability during the COVID-19 pandemic.

“Considering the mandate and work of the NBSSI, now is the time for us to respond to the call to action to support MSMEs in Ghana. Since the outbreak of the pandemic, NBSSI has initiated and rolled out some programmes and projects that are geared towards providing support for MSMEs across Ghana”, Mrs Yankey-Ayeh noted.

She further noted that MSMEs must recognise the opportunities available to them and take advantage of the crisis to build resilient businesses and ensure they’re well-positioned as strategic partners in Ghana’s development post-COVID-19.

On the part of Mr Adomako-Agyekum, he said, within the framework of the prevailing circumstances, the Food and Drugs Authority (FDA) had reviewed its systems to embed a virtual inspection and accelerated safety checks to ensure timely authorization for MSMEs.

“We’ve shrunk our processes without compromising on safety and our facility inspection procedure has been reviewed to include virtual inspection, so industries can operate without delays”, he said.

While the COVID-19 pandemic has impacted large businesses, the impact on MSMEs is especially severe due to their high and low levels of vulnerability and resilience respectively.

In Ghana, MSMEs have been documented as the backbone of the economy, contributing over 70 per cent of the country’s GDP. Unfortunately, they are the ones hit the hardest following the outbreak of the pandemic.

In efforts to keep these businesses alive prompted the government’s support for MSMEs to survive and continue to contribute to the economy.

It is within this mandate that Stanbic Bank Ghana put together this conference, targeting specifically MSMEs to provide them with the necessary tools and advisory supports to enable them thrive post the pandemic.