Mr. Kofi Adomakoh, the Managing Director of GCB Bank, has called on entrepreneurs to leverage on locally available sustainable financing mechanisms to grow and develop their businesses.
According to Mr. Adomakoh, although these funding vehicles are long term inclined, he admonished businesses to get their project operations right.
GCB Bank’s Managing Director stated that sustainability did not mean businesses sacrificing their projects or putting their successes on hold. “Instead, it has become a crucial element to any organisation’s success strategy”.
“Companies operating in Ghana can take advantage of the sustainable financing opportunities immediately.”
Mr. Kofi Adomakoh
Mr. Adomakoh made this statement during the 4th Standford Seed Transformation Network’s (STN), Ghana conference on business transformation that was held in Accra under the theme, ‘Transformation Continuum’.
Iterating some disbursement of capital to businesses, GCB Bank’s Managing Director stated that Green Climate Funds, in collaboration with local banks, has channelled about US$ 82.4 million so far to businesses.
Also, Mr. Adomakoh disclosed that some US$ 115 million in relation to the Climate Investment Fund has been disbursed with a mix of programmes focusing on the agriculture and energy sectors.
“We are looking forward to working with businesses to make sure we build climate friendly and sustainable projects.”
Mr. Kofi Adomakoh
Bridging technology development ideas
Speaking on the need to merge technology development ideas, Madam Stephanie Sullivan, United States (US) Ambassador to Ghana, said innovation can possibly mean combining pre-existing ideas and technologies in novel ways.
Ms Sullivan said, “as we plan our own personal and business transformations, it’s also important to look at the big picture: the business environment in Ghana and globally”.
Touching briefly of infrastructural development in the country, the US Ambassador stated that a robust infrastructure can be able to transform a local provider into a global supplier.
“We all know the importance of infrastructure to support inclusive economic development and, more broadly, human development.”
Stephanie Sullivan
Ms. Sullivan revealed that private sector leadership in climate, health and health security, digital technology, and gender equity and equality is the key to success, both globally and in Ghana.
The US’s Ambassador to Ghana urged the participants at the event to leverage the power of the Network and channel their energies towards developing Ghana’s economy considering these four focus areas.
Madam Sullivan stating the viability of the event, said “a network is only as good as the connections that hold it together”.
Challenges facing businesses
Laying bare the difficulties faced by businesses in the country, Mrs. Linda Yaa Ampah, President of STN, outlined lack of funding, and “rising cost of doing business as result of high taxes, high interest rates, high cost of energy” among others, as the major challenges businesses encounter.
Also, amidst the numerous challenges businesses continue to face, Mrs. Ampah disclosed that, there exist various opportunities that continue to emerge from these challenges.
“We are grateful to God that we are all here to continue to pursue initiatives and activities that would contribute to developing Ghana’s economy.”
Mrs. Linda Yaa Ampah
Mrs Ampah further highlighted the various business opportunities that the African Continental Free Trade Area (AfCFTA) presents to help attain an economically integrated Africa.
In the meantime, Mrs. Ampah, the President for Standford Seed Transformation Network (STN), Ghana Chapter said the conference was purposed to empower businesses to scale up their operations.
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