Western Regional Minister, Kwabena Okyere Darko-Mensah has, implored business operators in the region to align their mission with their behaviors for positive impacts.
He said such actions when vigorously pursued will create growth for their businesses which will enable them to generate a favorable cash flow necessary for receiving business loans from the banks.
He also implored them to look at new partnership arrangements among themselves as in core- outgrower schemes in their respective sectors to position their enterprises to qualify and gain financial support for their businesses in the Western region.
Mr Darko-Mensah gave the advice at a forum organized by the Western Regional office of the Ghana Export Promotion Authority (GEPA) for Small and Medium Enterprises (SMEs) to interact with banks within the Region on how to access credit and other facilities.
Dr. Asabea Asare, Chief Executive Officer (CEO) of GEPA in her opening remarks said enhancing financial accessibility for SMEs has become essential subject matter so crucial to the development, growth and management of SMEs in Ghana.
According to her, the mobilization and management of financial resources, aside cost and reliability of energy, lack of expertise, succession planning deficiency, opaque management style, raw material sourcing and a host of other non-financial encumbrances were major challenges facing SMEs.
She hinted that banks had approached her outfit to facilitate and provide them with a platform to reach the small exporter in order to provide them with export financial solutions.
Dr Asabea added that the frequency of the request from both ends of the spectrum compelled the GEPA to provide the single platform for the banks and the various SMEs to interact and find common grounds for business engagement.
She said GEPA was ready to work with the banks to ensure a win-win engagement between the banks and the SMEs.
She, therefore, deemed the meeting as appropriate and said such engagements sought to lessen the plights of SMEs by deploying practical solutions to the many problems they faced.
She also encouraged the banks to have flexible credit facilities for SMEs to engender industrial transformation.
The participants, who were enthused about the networking session urged the banks to cut down on interest rates, particularly compound interest.