SMEs Archives - Wontumi Online

29 Nov

Bawumia Will Establish SME Bank To Support SMEs – NAPO

wontumionlineBusinessBawumia/Napo, SMEs

Small Medium-sized Enterprises (SMEs) will flourish if Dr. Bawumia, the New Patriotic Party (NPP) Presidential Candidate, is elected as president on December 7. Dr. Matthew Opoku Prempeh, the NPP vice presidential candidate, who made the disclosure, said the NPP would establish an SME bank to support the activities of SMEs According to him, the SME banks would give loans to businesses, thereby providing opportunities for these businesses to expand and be profitable. Dr. Prempeh, who is campaigning vigorously for votes for Dr. Bawumia in the Ashanti Region was addressing the leadership of garages at Suame Magazine in Kumasi. Nicknamed ‘NAPO’ in political…

10 Oct

SMEs Support Initiatives Unveiled

wontumionlineBusinessSMEs

The Minister of Finance, Dr. Mohammed Amin Adam, at the second Quarterly Economic Roundtable, unveiled the GH¢8.2 billion SME Growth and Opportunity Programme (SME-GO), launched by President Akufo-Addo in July. He expressed confidence in Ghana's economic recovery, highlighting significant milestones achieved in the government's reform agenda. The minister said that following the ongoing disbursements targeted at supporting businesses across the country, the government has decided to include both SMEs and manufacturers in the initiative. This initiative, supported by strategic partnerships with the African Development Bank and the International Finance Corporation, aims to empower SMEs to leverage regional and global markets.…

16 Jul

President Akufo-Addo Unveils GHc8.2 Billion SME Growth And Opportunity Programme

wontumionlineBusinessSMEs

In a landmark initiative aimed at boosting Ghana's economic landscape, President Nana Addo Dankwa Akufo-Addo today unveiled the SME Growth and Opportunity (GO) Programme at the SME Growth and Opportunity Summit held at the Kempinski Hotel, Accra. The comprehensive programme is backed by a substantial GHS 8.2 billion funding package and aims to support small and medium-sized enterprises (SMEs), which are pivotal to the nation's economic prosperity. President Akufo-Addo emphasized the critical role SMEs play in Ghana’s economy, highlighting that they constitute 92% of businesses and contribute 70% to the GDP. Despite their significant contributions, SMEs face numerous challenges, particularly…

05 Apr

AfCFTA To Mobilize $10 Billion To Support SMEs

wontumionlineBusinessAfCFTA, SMEs

The African Continental Free Trade Area (AfCFTA) Secretariat has announced its commitment to mobilize $10 billion to bolster the development of small and medium-scale enterprises led by youth across Africa. The AfCFTA revealed that it has already allocated $150 million to support the burgeoning businesses of young entrepreneurs in Africa. Additionally, it aims to augment its funding resources through partnerships with institutions such as the United Bank of Africa and the Africa Exim Bank. Delivering his address at a ceremony to welcome the President of Kenya, H.E. Dr. William Ruto to the AfCFTA Secretariat, the Secretary General of AfCFTA Secretariat,…

25 Mar

GCB, Absa, OmniBSIC Offer Cheapest Loans To Households, SMEs And Corporates – BoG

wontumionlineBusinessBoG, GCB, SMEs

GCB Bank offered the cheapest loans to household consumers, the latest Annualized Percentage Rates by the Bank of Ghana has revealed. It offered a rate of 27.71% and 27.21% to clients for a period of one year and three years. Stanbic Bank (50.92%) and Bank of Africa (43.83%), however, charged the expensive rates for a tenor of one and three years respectively. For a duration of five years, Fidelity Bank offered the lowest interest rate of 26.64% on loans to customers. It was followed by GCB Bank with a lending rate of 27.04%. Similarly, Absa Bank offered the lowest loans…

21 Jun

Ghana Is Currently Working With Singapore To Boost International Trade Prospects Of SMEs – Addison

wontumionlineBusinessSMEs

Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that Ghana is currently working with the Monetary Authority of Singapore on a Business san Borders project aimed at boosting the international trade prospects of small and Medium Scale Enterprises (SMEs) of the respective countries through the implementation of digital trade platforms for market discovery. Dr Addison indicated that a number of digital initiatives had been introduced in Ghana to advance the interest of businesses and SMEs. Speaking at the 30 AFREXIMBANK General Meeting in Accra on Sunday, June 19, Dr Addison said that “we have integrated the…

27 Apr

Private Equity And Venture Capital Earmark US$30 Million Investment For SMEs

wontumionlineBusinessPrivate Equity, small and medium-scale enterprises, SMEs

Private equity (PE) and venture capital (VC) funds are set to invest at least US$30million in small and medium-scale enterprises (SMEs) during 2023, according to Board Chair of the Ghana Venture Capital and Private Equity Association, Matthew Boadu Adjei. Private equity and venture capital funds are investment vehicles that offer financing to companies at various stages of growth. These funds provide access to much-needed capital for companies which may struggle to secure financing from traditional sources such as banks. By investing in SMEs, private equity and venture capital funds help to stimulate economic growth and job creation. Mr. Adjei, who…

21 Dec

GEA Disburses GH¢10m To 103 SMEs

wontumionlineBusinessSMEs

The Ghana Enterprises Agency (GEA) has disbursed about GH¢10 million to 103 small businesses that applied for a portion of the Ghana Economic Transformation Project (GETP) grant. The beneficiaries were selected after meeting the rigorous criteria designed by the GEA, the World Bank and other development partners of the government. The beneficiaries are mainly owners of small businesses in agro-processing, food and beverage, healthcare and manufacturing and cut across the country.They are receiving between GH¢20,000 and GH¢300,000 grant to support their operational costs, including the purchase of raw materials and equipment. Build resilient businesses At an orientation and signing agreement ceremony…

28 Sep

Absa Bank Deepens Support To Startups And SMEs With “YouStart” Partnership

wontumionlineBusinessABSA, SMEs, YouStart

Let’s face it, Absa Bank has got it right. The Bank’s business in Ghana is based on a very simple strategy - a strong focus on supporting local businesses and leadership in digital banking. The bank is sentient enough to know that local businesses, entrepreneurship and startups, underpin Ghana’s economic growth so it has laid out a clear strategy to become the bank of choice for these businesses. This strategy is working well and has contributed to making Absa the most profitable and consistently high performing bank in Ghana. Last year, the bank also became the first in the history…

20 Sep

Access Bank Drives Digitalization Agenda For SMEs

wontumionlineBusinessAccess Bank, SMEs

The clinic on the theme ‘Unlocking the potential of SMEs through digitalization‘ brought together seasoned entrepreneurs and experts in the field, business owners in and around Takoradi and virtual participants, to share insights into digital trends that SMEs could leverage to thrive. Speaking on behalf of Access Bank’s Managing Director Olumide Olatunji, Kafui Bimpe, Group Head of Business Banking for Access Bank noted that statistics show that SMEs contribute about 90% of businesses and more than 50% of employment worldwide. This notwithstanding, SMEs are grappling with the negative impacts of global health crisis. “Results from a COVID-19 Business Tracker Survey conducted…