Monday, January 24, 2011

Lack of access to finance hinders businesses

Mr. Wilson Atta Krofah, President of the Ghana National Chamber of Commerce and Industry, has indicated that lack of access to support small business growth is a problem in the country.

“There should be easy access to money and with less cost to boost business development, especially SMEs.

“The major problem in the country’s business sector is access to quick financing to grow businesses.”

Mr. Krofah said this at the 556th monthly meeting of the Accra Regional Chamber of Commerce and Industry (ARCCI), which was aimed at educating members on how to improve their businesses.

He said the continued lack of access to medium- and long-term-financing hinders the growth of businesses in the country.

The problem has become a major setback, impeding growth of small businesses, he noted.

Mr. Nathaniel Tetteh Larkpleku, Credit Analyst SG-SSB, making a presentation appealed to members to access the products of the bank saying: “we have a considerable interest of the Small and Medium Enterprises (SMEs) at heart."

He explained that the bank has introduced the Boafo Business Overdraft, BBO, business loan and business overdraft facilities that are quick and offer an easy way for small businesses to access unsecured short-term credit.

“The product is designed basically for business operators with flexible terms to support their business operation.

“Boafo Business Overdraft can be accessed by traders, exporters and importers, educational institutions, suppliers and other SMEs with regular cash inflows,” he said.

Mr. Seth Adjei Baah, Vice President of the Chamber, said the Chamber is developing business strategies to ensure that members explore the possibility of growing their business.

He called on members to be active and take a keen interest in the activities of the Chamber, to enable them benefit from its programmes and activities.

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