With the Coronavirus pandemic impacting on Small and Medium Enterprises (SMEs)some entrepreneurs at a panel discussion have advocated an ease in capital acquisition and digitilisation as the armour for sustaining their businesses.
SMEs are the backbone of Ghana’s economy from pre-colonial times to date, contributing nearly 70 per cent of the country’s Gross Domestic Product (GDP) but are the hardest hit by the pandemic with uncertain future, if stringent measures were not sought to cushion them.
Speaking at the second edition of the Access Bank/Graphic Communications Group Limited engagement with SMEs in Kumasi on Wednesday, Dr Boris Badu, Chief Executive Officer (CEO) of Boris B. Farms, said the inability of businesses to create a real-time ambience for their goods and services following the COVID-19 outbreak prompted them to turn to effective digital marketing techniques to stay afloat.
The engagement which was streamed online, was aimed at equipping SMEs with digital solutions as a strategy to adapt to emerging market demands arising amid the coronavirus pandemic.
It was held on the theme: "Championing the growth of SMEs through digitalization – Madwuma Mpontuo".
The business mogul, said the success of businesses depended heavily on financial support received by business owners and called on financial institutions to ease the burden of businesses, by making access to credit flexible.
He also stressed the need to substantially reduce imports and promote exports while increasing domestic production of poultry to correct the Country’s balance of payments deficit, create employment to increase revenue to stimulate economic growth.
With respect to the issue of frozen chicken, Mr Badu regretted the country’s penchant to spend millions of dollars, importing poultry, "yet our poultry farmers have the capacity to produce poultry to feed this country.
"What is more encouraging is the fact that we have the capacity to develop a new value chain for poultry farming which includes processing, sales and marketing and even consider exports. "We can do a lot for this nation, if banks support us", he added.
Mr Badu also stressed the importance of business documentation as a leading factor to the successes of businesses, and noted that the lack of it prevented many entrepreneurs from accessing government stimulus packages for the poultry industry to help stimulate the Country’s economy.
The Commercial Manager of IPay, Mr. Kojo Lartey, a panel member of the SME Clinic, noted that, access to capital was pivotal for businesses to succeed and commended Access bank for its innovative digital solutions to […]