Stanbic Business Incubator, GEA and JICA partner to equip MSMEs with practical tax compliance skills

The Stanbic Business Incubator, in partnership with the Ghana Enterprises Agency (GEA) and the Japan International Cooperation Agency (JICA), has organized a tax compliance workshop for Micro, Small and Medium Enterprises (MSMEs) in the Tema Metropolis. The workshop forms part of the Incubator’s efforts to build the capacity of small businesses and support their formalization.

The session brought together about 70 entrepreneurs eager to deepen their understanding of Ghana’s tax ecosystem and strengthen the financial health of their businesses.

Benedict Kwasi Obeng, Head of Business Development and Origination, speaking on behalf of the Head, Business and Commercial Banking, Dinah Kaleo-Bioh at Stanbic Bank, underscored the importance of tax compliance as a cornerstone of sustainable enterprise development. He explained that beyond fulfilling a legal requirement, tax compliance forms the foundation for credibility, trust, and long-term resilience for MSMEs.

“Tax compliance goes beyond an obligation; it is a strategic step toward formalizing your business. For many SMEs, understanding the tax landscape is the first door that opens opportunities for growth, access to finance and stronger partnerships. At Stanbic Bank Ghana, we are deeply committed to guiding businesses through this process. Our Incubator exists to help entrepreneurs build the knowledge, confidence and networks they need to thrive,” he said.

Participants received expert-led training from professionals at KPMG, who spent time demystifying tax processes that small businesses often find complex. Justina Amartey-Kwei, Partner in Tax at KPMG, and Josephine Kapualor, Senior Manager in the Tax Unit, jointly walked attendees through the essentials: how the Ghana Revenue Authority (GRA) operates, what documents businesses must file, key timelines, common mistakes to avoid, and how to stay compliant without fear or confusion.

Ms. Amartey-Kwei noted that many MSMEs struggle not because they are unwilling to comply but because the system feels intimidating. “Our role today was to break taxation down into manageable parts and show business owners that compliance is achievable when you have the right information. If your business wants to benefit from tax exemptions and incentives provided by law, compliance is the non-negotiable first step.”

Her colleague, Ms. Kapualor, added that keeping accurate records and filing returns consistently is one of the most effective ways for small businesses to remain visible and credible within the formal sector. She reassured participants that understanding their tax obligations early can prevent costly penalties in the future.

Representatives from Stanbic Bank also reinforced their support for entrepreneurs in the region. Thelma Wilson-Sowah, Acting Regional Manager for the Accra East Cluster, reaffirmed the bank’s long-standing commitment to building strong and resilient MSMEs that can contribute meaningfully to Ghana’s economic development.

“We want every business owner here to know that you are not alone. Every Stanbic branch in the Tema region is ready to partner with you; providing advisory support, connecting you to financial opportunities, and offering guidance to help your business operate with certainty and confidence. Our purpose is to help you formalize, grow and remain sustainable over the long term.”

Hamza Mumuni, Manager of the Stanbic Business Incubator, emphasised the critical need for collaboration across the MSME ecosystem. He stated that by working together to create learning and knowledge-sharing platforms, stakeholders can empower MSMEs with the skills and resilience they need to thrive sustainably and drive long-term economic growth.”

Stanbic Bank Ghana, through its Incubator, continues to champion initiatives that strengthen the country’s MSME ecosystem. By equipping entrepreneurs with the tools, knowledge, and confidence to effectively run their businesses, the bank aims to support the growth of a more formalized and economically empowered SMEs in Ghana.

 

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