3,000 MSMEs gain essential business skills to spur growth

By Deborah Asantewaah SARFO

Through the Private and Financial Sector (PFS) Programme, a total of 3,000 Micro, Small and Medium Enterprises (MSMEs) are set to receive financial and managerial skills to attain business growth.

Despite employing approximately 85 percent of the country’s workforce, players in the sector lack knowledge and essential skill sets – impeding their growth and access to finance among others, hence the PFS programme will help bridge the gap and propel growth.

To bridge the knowledge gap, the PFS programme has launched its ‘Access to Finance Training’ initiative, targetting 3000 MSMEs across five selected regions in Ghana – Accra, Bono, Bono East, Ahafo and Ashanti.

The PFS programme aims to improve the country’s employment situation and has been designed to supplement government’s efforts at improving the framework conditions for employment and income in the private sector, particularly among MSMEs.

Funded by the German Cooperation through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the initiative aims to enhance financial and business management skills of MSME owners and managers.

The three-day training sessions, designed to provide entrepreneurs with practical experience in financial and risk management, will reach MSMEs from 15 selected trade associations across the country – with a special focus on women-led businesses and persons with disabilities.

In ensuring that information shared at the training session addresses key challenges in the sector, GIZ in a statement indicated that “training topics were carefully chosen based on a detailed needs-assessment conducted within the selected trade associations”.

At the training’s end, beneficiaries are expected to enhance their financial literacy, capacity to manage business, cash flow management and their capability to secure support from financial institutions.

To achieve a holistic approach to addressing challenges in the sector, the PFS programme has partnered with financial service providers on developing tailored financial products and services that will benefit these MSMEs.

Additionally, the training will equip beneficiaries to access and effectively utilise these products and services when developed.

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