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Ghana Chamber of Commerce Collaborates with Development Bank Ghana to Build Capacities of SMEs

August 18, 2022
Stephen M.Cby Stephen M.C
in Vaultz Business
0
Ghana Chamber of Commerce Collaborates with Development Bank Ghana to Build Capacities of SMEs

The Ghana National Chamber of Commerce and Industry (GNCCI), in collaboration with Development Bank Ghana (DBG), will train some Small and Medium Enterprises (SMEs) to scale up their operations.

The selected businesses will benefit from the first phase of the business capacity building workshop that aims at boosting the competitiveness of the private sector. The workshop will also provide business owners and managers the needed tool to improve on their commercial operations and enable them to remain competitive.

The workshop will as well as help SMEs to adopt operating models that better position them to access loans from DBG’s participating financial institutions. Participants will have access to five pillars of the Ghana Integrated Financial Ecosystem (GIFE) digital platforms which include: the SME Financial Empowerment Platform; and Marketplace and Financial Trade Corridor. Others are connected digital financing, reputational building, and equity growth.

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Mr Clement Osei-Amoako, the President of GNCCI, noted that SMEs contributions are critical to the sustainability of the economy as they contributed 70 per cent of the country’s GDP despite the many challenges.

“The Chamber’s rationale for this collaboration is informed by its deep insight and foresight of the persistent issues affecting the business community.”

Clement Osei-Amoako

Mr. Osei-Amoako urged member firms to maximise the unique opportunity offered by the GIFE, the digital platform within the five pillars.

The President of GNCCI disclosed that participants were taken through Environmental, Social and Governance practices, focusing on other areas like financial management System and Accessing DBG 3-year loan and introducing Participating Financial Institutions, Risk Management (Financial, Non-Financial, Strategic), and Marketing and Market Development Strategies.

Mr. Osei-Amoako stated that the contributions of the Chamber to the growth and development of the Ghanaian private sector cannot be overemphasized.

“Accordingly, the GNCCI has yet again taken a bold initiative to collaborate with DBG, to first and foremost, empower its member firms with the requisite business skills to scale-up their business operations and enhance their attractiveness to access long-term capital.”

Clement Osei-Amoako

Mr. Osei-Amoako observed that the Chamber’s robust analytical framework that periodically mobilises business diagnostics data, allowed it to document and track the growth and performance of businesses, industries, and policy institutions in Ghana. He indicated that the Chamber remains dedicated to the growth and prosperity of businesses through its cutting-edge business support.

SMEs Seen too Risky

Mr Michael Mensah-Baah, the Deputy Chief Executive Officer of DBG, noted that small business owners often have no access to the long-term capital they need to grow because they are seen as too risky by the banks.

“Our business model allows us to leverage the networks and existing infrastructure of banks and financial institutions that partner with us to provide business advisory services and training in addition to financing.”

Michael Mensah-Baah

The Deputy CEO disclosed that DBG has designed a system to relieve the bottlenecks that have hindered the availability of long-term, competitively priced loans to Small and Medium Enterprises in Ghana.

“Addressing the lack of long-term financing that drives the kinds of investment that will lead to sustainable growth, is a gap that must be addressed.”

Michael Mensah-Baah

Mr. Mensah-Baah noted that the Bank employed a wholesale banking model where it provided funding to eligible financial institutions to on-lend to Ghanaian businesses in targeted industry sectors.

“DBG has identified agribusiness, manufacturing, ICT, and high-value services as the catalytic sectors of the economy to focus on.”

Michael Mensah-Baah

READ ALSO: Nuclear Energy Is the Best Bet for Ghana- Energy Expert Backs Calls for the Country go Nuclear

Tags: Advisory servicesDBGGhana National Chamber of CommerceLoansSMEs
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