The Ghana National Chamber of Commerce and Industry (GNCCI), says it is ready to support Small and Medium Enterprises (SMEs) with financial assistance to bolster entrepreneurial activities in the trade sector.
In today’s environment, where access to credit for businesses, particularly SMEs, is severely constrained by intense competition with government entities in the domestic market. Coupled with high lending rates resulting from the Central Bank’s continuous tight monetary policy, it is imperative for stakeholders to provide financial support for small businesses.
Dr Emelia Assiakwa, National Treasure of GNCCI said, that with access to capital, SMEs can invest in new technologies, training, and infrastructure, which can boost productivity and lead to new products, services, and business models.
She said financial support can also provide a buffer against economic downturns, allowing SMEs to weather challenges like reduced consumer demand or supply chain disruptions.
Dr Assiakwa speaking at the inaugural general meeting of the GNCCI co-operative credit union on Thursday, in Accra, said, the GNCCI co-operative credit union is not just a financial institution, but a foundational element to foster economic growth, offering financial solutions and bolstering the entrepreneurial spirit that propels the business community ahead.
She said, due to high interest rates from banks and other institutions, SMEs cannot afford loans to finance their operations, hence, it led the GNCCI to collectively work to establish the credit union to provide sustainable and competitive financing options that serve as dependable partner for both business and personal need.
She added that GNCCI had invested an initial amount of GH¢ 10,000.00 and paid its administrative costs to ensure the GNCCI Co-operate Credit Union realized its vision.
Speaking in regional development, she said the financial support will target SMEs in less developed regions to spur local economic activities and reduce regional inequalities among rural and urban communities.
However, these SMEs often have strong ties to their local communities, hence, supporting them can lead to improved community services and a stronger local economy for economic sustainability.
