‘MSEs lack right business practices’

The failure of medium and small enterprises (MSEs), to grow is due to the lack of awareness on right business practices says Samuel Baba Adongo, acting Country Director, Technoserve,

He noted that inability of the MSEs to access the right information and support systems to develop, is also a bane.

Mr Adongo according to the Ghana News Agency was speaking at the maiden edition of the “Enhancing Growth in New Enterprises (ENGINE)” an investor and financing dialogue in Accra.

The event was to create a network of investors and financiers, who could provide credit facilities to support small and medium enterprises (SMEs).

“They also lack peer-peer networks that help incubate small businesses,” he added.

He said markets have failed to nurture entrepreneurs, particularly small enterprises and start-ups.

Technoserve, a non-profit organisation is currently implementing the ENGINE project to support 500 micro and small enterprises to overcome barriers to growth and improve competitiveness, by equipping them with the necessary skills.

He said the project is also to enhance the growth and productivity of start-ups.

He said the expected outcome of the project is that a cadre of high-performing, viable SMEs would be established, and about 1,770 new jobs would also be created together with 300 start-ups linked to investors.

Mr. Festus William Amoyaw, Portfolio Manager, Acumen Fund-West Africa said, the company invests in game-changing companies and entrepreneurs who are focused to sustain their businesses.

He said the company’s focus areas for investment include agriculture, health, education, water and sanitation.

Mr. Amoyaw said since 2001, the company has invested in 81 companies and 100 million lives.

He said the company also provides technical assistance to small businesses to solve their challenges for sustainable growth.

“We look to invest in businesses that have transformed the lives of the poor in society,” he said.

Mr. Kingsley Adofo-Addo, Senior Accounts Manager, SME, Domestic Banking, Ecobank said the Bank has launched the ‘SME’ Club to offer preferential business support, products and services to members.

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