That, he said, would help track the credit history of all individuals and give the lending institutions the benefit of knowing the credit-worthiness of clients.
Mr. Nyinaku made the call at the maiden international conference on Business Management and Entrepreneurial Development in Accra yesterday.
The two-day programme organised by the Faculty of Management of the University of Professional Studies, Accra, under the theme, “Management of Small and Medium Enterprises (SMEs): Issues, Challenges and Opportunities,” was attended by participants from Nigeria and other African countries.
Though Mr Nyinaku commended the Bank of Ghana for setting up the Collateral Registry, he said the “registry could be meaningful or effective if there was efficient information database to back it”.
Turning to SMEs, he said SMEs play a critical role in the development of any economy, stating that “All over the world, economies that have become self-sufficient, have done so on the back of entrepreneurship and particularly SMEs.”
He said 85 per cent of jobs in the country were created by SMEs and the sector contributes about 75 per cent of the country’s Gross Domestic Product, however, SMEs face a lot of challenges including access to credit to expand their businesses.
He entreated SMEs to keep proper books of accounts and draw business plan so that they could use that as baits to attract capital from the banks.
An Emeritus Professor of Philosophy at the UPSA, Kwame Gyekye, who spoke on the topic, “Contextualising Research for Immediate Purpose,” said a nation that does not pursue research, whether in the area of the natural or social sciences or in the area of the humanities, becomes stunted in its growth”.
Professor Gyekye entreated SMEs to invest in research and come out with products to address the challenges facing the country, and also to meet the needs of their clients.
Professor Goski Alabi, Dean of Graduate Studies of UPSA, who chaired the programme said Africa’s under development could not continue to be put down to colonialism and imperialism.
She said the continent needs more entrepreneurs to turn the economy around, saying Africa needs more entrepreneurs like Mo Ibrahim.
Prof. Alabi lauded the Faculty of Management for organising the programme to discuss challenges facing SMEs in the country, and said it forms part of the UPSA’s contribution to developing a thriving and viable SME sector.
Some of the topics which would be discussed at the two-day programme include accounting and finance, savings and income relationships amongst households, and the relationship between management competence and profitability of SMEs in Ghana.
By Kingsley Asare