Business News of 2014-08-02

Koko King is best SME

Koko King Limited, a food-vending company, has been adjudged the Overall Best Small and Medium Enterprises (SMs) company of the year at the SME Ghana Awards. The company was also awarded the best food processing company, product innovation category.
A citation accompanying the award said the company had projected its outstanding leadership role in contributing to national development. The award, which was instituted by the Union Savings and Loans and World Association for Small and Medium Enterprises, was to promote and highlight the role of SMEs in social and economic development.
It was also to create awareness of the standard of doing sustainable business in the country and best performing SME in the country.
The Managing Director of Union Savings and Loans, Mr Philip Oti Mensah, said 90 per cent of the companies registered under the micro, small and medium scale enterprises contributed 50 per cent to the country’s gross domestic product (GDP) and employed 80 per cent of the labour force.
He explained that the immense contribution made by those companies had contributed to reduce the high rate of unemployment. For that reason, Mr Oti Mensah, said it was necessary to award companies in the sector to encourage them to continuously contribute to the development of the economy.
He, therefore, commended Koko King Limited and urged the managers to work hard to support the national growth. The Executive Director of the World Association for Small and Medium Enterprises (WASME), Dr P. C. Sabharwal, observed that SMEs inability to achieve their goals was due to the lack of expertise to effectively run their businesses.
He, therefore, urged the government to create a favourable environment for SMEs to enable them surmount the challenges they are faced. The Operations Manager of Koko King Limited, Mrs Martha Osafo Oppong, who received the awards, urged the public to purchase their product for a healthy living
Source: graphic.com
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