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Give collateral-free loan scheme -SMEs
As the UN marks international SMEs day Pulse Ghana spoke to some industry players to find out what the day meant for them.
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In the face of such a day, Pulse business interacted with some industry players in the SME sector to ascertain what this day meant to them
Pulse Business spoke to Joshua Tetteh CEO of Akooshi, an SME that recycles coconut watse. He believes that this day represents a milestone in the SMEs sector in Ghana.
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However he says government must setup a credit guarantee fund that will help small and medium enterprises (SMEs) to get access to collateral-free loans from financial institutions in the country.
According to him, it is hard to get the back of financial institution to support their businesses hence make the SME terrain very difficult to thrive in.
Tetteh also explains that unlike Ghana Export Import Bank (Ghana EXIM), which focuses on businesses operating in the export end of the market, a credit guarantee fund was needed to help enable SMEs to get access to greater financial support to expand their operations in Ghana.
On the other hand, Adu Gyamfi CEO of Mpaboa by Kwabena, observed that the economy could attract high value investments if it was able to empower its local entrepreneurs to match the capacities of potential external investors.
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He said the country could only see a significant growth in the economy if the SME sector was given the needed support to grow.
Ekow Mensah, CEO of TANOE and Manager of the Premium Bank HelpStation, also says the contributions and significance of SMEs in any economy cannot be overemphasized, especially in a developing economy like Ghana.
SMEs contribute largely to the reduction of unemployment, introduction of innovation, enhancement of market competitiveness and driving economic growth.
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