On Thursday February 25, UT Bank held an SME clinic for industry players, financial experts and entrepreneurs to explore solutions for business financing.
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Recap: UT Bank's SME clinic
The clinic was held under the theme Funding Your Business- Strategies, Options and Considerations at the Best Western Premier Hotel in Accra.
Opening the clinic,the chief executive officer of the bank ,Mr.Stephen Antwi Asimeng outlined the role of SME’s in the Ghanaian economy.
He said SMEs contribute about 70% of annual GDP. In addition, he said collectively SMEs contribute the largest share to the economy.
He also revealed that the bank would in the coming months launch new products including an SME rating model that would among other things use multi factor variables to assess credit worthiness and allow the bank to provide added insight to clients on how to improve credit profiles.
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Speaking on 'Harnessing New Approaches in SME Financing,' Sampson Akligoh from InvestCorp urged small business to have proper management system in place.
"If you have your management in place, and you run your business well, banks are willing to help," he said.
According to him, "Co-mingling of personal and business finance often leads to erratic cash flow."
Benard Adade, from Baker Tilly Andah+Andah also took participants through Ghana's tax regime. Among other things, he touched on tax planning for small businesses, tax planning strategies, general areas of tax planning and methods of tax planning.
Also speaking at the clinic was the Senior Investment Officer of Oasis Capital, Mr.Richard Siaw outlines alternative sources of funding for SME’s.
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Below is a recap of key highlights of the event.
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