SMEs tasked to seek advisory support services

08-04-2011
Narration: Small and Medium Scale Enterprises (SMEs) have been encouraged to seek advisory support services and training from relevant key stakeholders to enhance the growth of their businesses. The Managing Director Eximguaranty Company Ghana Limited, Felicity Acquah, who gave the advice in an interview with Radio Ghana at Bolgatanga in the Upper East Region, noted that such training services improves the technical and managerial competencies of SMSs and moreover propel the growth of their activities on a high pedestal. Here is a report filed by Isaac Asare
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With the mandate of enhancing the capacity of Small and Medium Scale Enterprises (SMEs) and exporters to access credit from lending institutions, Eximguaranty Company Ghana Limited began as a policy initiative in 1994 to have a privately incorporated firm to facilitate access to credit between SMEs in the export and productive sectors and mainstream financial institutions. The company operates effectively with frontline financial institutions and has the ability of providing financial solutions that boost the overall productivity and growth prospects of their beneficiary clients. Speaking to Radio Ghana, Mrs. Acquah expressed grave concern about the lack of sustainability among some business entities, particularly those in the private sector, which she indicated, is regarded as the engine of the country’s economic growth and development. She observed that some companies especially SMSs are still battling to fulfil their financial obligations to sustain their businesses but lack the needed experience and the technical knowhow to deal with their financial burden. This, she said, sometimes compels businesses to collapse under debts owed to lenders. Mrs. Acquah therefore encouraged the various business outlets to initiate moves aimed at addressing their financial challenges for the development of their respective companies. She also urged them to seek advisory support services in the form of business counseling services from relevant stakeholders to ensure the growth of their businesses. She said at a recent workshop held in Kumasi for SMEs and contractor clients on the theme: “Improving the business of SMEs through credit guarantees: the role of Eximguaranty Ghana Limited” participants were afforded the opportunity to learn more about ways of tackling their financial difficulties. The workshop which was heavily attended by relevant stakeholders from the private sector, resource persons, the media as well as participating clients among others was to create the needed awareness for SMEs to subscribe to business counseling services, which she pointed out, are provided upon submission of applications. Mrs. Acquah later took the opportunity to advice SMEs and clients to call on the services of Eximguaranty Company, since their mission is to facilitate the flow of credit guarantees and general financial risk management solutions to prospective clients. She also called on eligible business sectors involved in the area of exportation to seek the services of Eximguaranty Company to enhance their financial status.