May 6, 2019

GEPA Seeks Financing for Micro, Small and Medium Enterprises (MSMEs) in the Export Ecosystem

As part of its continuous effort and engagement to assist  the thousands of Micro, Small and Medium Enterprises (MSMEs) in its basket of clientele, the Ghana Export Promotion Authority (GEPA) has organised a forum aimed at bringing together MSMEs  and some selected banks to discuss the sticking issue of financing in the export space.

Opening the session, the CEO of GEPA Ms Afua Asabea Asare expressed her optimism about the conference outcomes  and the fact that the stated objectives of finding the right financing products for MSMEs irrespective of the stage of growth in their life cycle, were going to be concretized.

In her welcome address, the CEO of the National TPO underscored the critical role of the MSMEs in the national development agenda, especially in the export ecosystem.

“We must be conscious of the fact that MSMEs are the breeding grounds for new industries and the seedbed from which tomorrow’s larger companies will grow, providing entry points for entrepreneurial talent who will become the industrial and export captains of the future. And that the small business you see and ignore today is the Kasapreko of the future”. She stressed.

Ms Afua further indicated that in spite of the incalculable contributions MSMEs make to the nation, they are infested with numerous challenges at each stage of their growth spectrum, especially during their nascent stages. And that financial resource mobilisation is the biggest hurdle in their path to growth.

In her concluding remarks, the CEO emphasized the fact that the confluence of all the programs and projects undertaken by GEPA to ameliorate the plight of the numerous export oriented MSMEs can only partly resolve some of the challenges the enterprises face. She challenged the banks to adopt flexible credit extension and  payment models in their dealings with the myriads of MSMEs in the export basket to engender sector growth.

The conference attracted about 150 exporters and four banks. Each of the banks had one-on-one discussion with the exporters to understand their peculiar challenges. This was preceded by presentations at the plenary by each bank.

The participating banks were Fidelity Bank, Prudential Bank, GCB Bank and Stanbic Bank. Standard Chartered Bank joined the program during the one-on-one session.

Similar exercises are earmarked for the other regions of Ghana.

 

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