The Chief Executive Officer of the Association of Ghana Industries (AGI), Mr. Seth Twum Akwaboah has revealed that most Registered Businesses in Ghana are Small and Medium Enterprises (SMEs).
According to him, big firms are less than 15% and over 85% of registered Businesses are classified as SMEs and stressed the need of developing them into different categories.
Speaking at a breakfast meeting to deliberate on the way forward for Small and Medium enterprises post the Covid-19 pandemic, Mr. Seth Twum Akwaboah said the SMEs contribute about 70% to Ghana’s Gross Domestic Product and have created jobs for most Ghanaians in the Production sector, Market, Street, and other places.
Mr. Seth Twum Akwaboah said despite this support to the state, SMEs are unable to access financial support and loans to expand the business and invest in Technology to benefit from the Digitalization of the Economy.
He said the SMEs also face competition with large firms and the high cost of interest on loans and cost of production as well as high cost of Electricity remains a challenge in Ghana.
He, therefore, called on Banks and the Government to create an enabling environment for SMEs to survive and support the Economy of the Country.
The event which has been themed, “Boosting SMEs with Digital Solutions” resources persons will have conversations about how best the digital gap can be bridged to improve sales for persons in the informal sector of the country.
Source: Mybrytfmonline.com
