The Ghana National Chamber of Commerce (GNCCI), in collaboration with Development Bank Ghana (DBG), has formally launched the first phase of a flagship capacity-building initiative.
The programme aims to develop and reinforce the business skills of Ghana’s private sector to improve their commercial operations and enable them to remain competitive.
The programme adopts a proactive approach that considers the unique needs of small, and medium-sized enterprises (SMEs) in Ghana, and draws on GNCCI’s engagement with the local and international business community.
The cooperation between GNCCI and DBG will additionally promote the achievement and optimization of their respective mandates in capacity building and research/data diagnostics.
Components of the Capacity Building Workshop
The workshops will be organised in five locations (Accra, Koforidua, Tarkwa, Takoradi, and Cape Coast). With a focus on three main aspects, i.e.: preparation; event day; and follow-ups. Overall, these workshops are aimed at training businesses to scale up their operations as well as adopt operating models that better position them to access loans from DBG’s participating financial institutions
To achieve this goal, the programme shall focus on improving access to finance and provide technical support for SMEs. The programme will roll-out the five pillars of the Ghana Integrated Financial Ecosystem (GIFE) digital platform: SME Financial Empowerment Platform; Market Place and Financial Trade Corridor; Connected Digital Financing; Reputational Building Equity Growth.
The workshop will identify 500 SMEs (100 per location), derived from baseline data that covers businesses by sector, region, and ownership (women-led/ youth), to be trained on the use of the Ghana Integrated Financial Ecosystem (GIFE) digital platform.
Workshop focus areas
Environmental, Social and Governance Practices; Financial Management System & Accessing DBG 3-year loan / Introduction of Participating Financial Institutions; Risk Management (Financial, Non-Financial, and Strategic); Marketing and Market Development Strategies
An important goal is to ensure a greater representation of women- and youth-led MSMEs as participants in the five workshops
Outcomes
The success of the capacity building workshops will be measured by the following:
500 SMEs are trained on the GIFE digital platform with a good representation of women-led and youth-led businesses
Over half of the SMEs are able to access loans from DBG via the PFIs
Baseline data of 500 SMEs are gathered for monitoring and evaluation as well as for impact assessment
Sustainable Business Growth
Mr. Michael Mensah-Baah, the Deputy CEO of DBG, indicated that the Bank has been designed to help relieve the bottlenecks that have hindered the availability of long-term, competitively priced loans, to small and medium-sized enterprises in Ghana. According to him, small business owners often do not have access to the long-term capital they need to grow and are often seen as too risky by banks. “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,” the Deputy CEO said.
DBG employs a wholesale banking model where it provides 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. “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,” Mr. Mensah-Baah stated.
DBG views partnerships as critical to the way it executes its work. “We are very grateful to GNCCI for organising this capacity-building programme to develop and strengthen the soft and hard skills of its SME members to stay competitive, build resilience and grow their businesses sustainably,” he added.
Strengthening Capacity of SMEs
In his remarks, Mr. Clement Osei-Amoako, the President of GNCCI, said the contributions of the Chamber to the growth and development of the Ghanaian private sector cannot be overemphasized. Over the past decades, the GNCCI has engaged and continues to work with Government and stakeholders (both local and international) at various levels to promote and protect the interest of commercial and industrial activities in the country.
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. The Chamber’s rationale for this collaboration is informed by its deep insight and foresight of the persistent issues affecting the business community.
Mr. Osei-Amoako stated that the Chamber’s robust analytical framework that periodically mobilises business diagnostics data allows it to document and track the growth and performance of businesses, industries, and policy institutions in Ghana.
“I urge our member firms to maximise the unique opportunity offered by the Ghana Integrated Financial Ecosystem (GIFE) digital platform within its five pillars: SME Financial Empowerment Platform; Market Place and Financial Trade Corridor; Connected Digital Financing; Reputational Building; and Equity Growth,” he noted. He said the Chamber remains dedicated to the growth and prosperity of businesses through its cutting-edge business support.
Source: 3news.com
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