Bastiat Ghana to facilitate SMEs growth

A study conducted by Bastiat Ghana, a liberal economy think tank, shows that 92 per cent of companies registered in Ghana are micro, small and medium scale enterprise (SMEs).

According to the study 85 per cent of the SMEs offer employment in the manufacturing sector, while 75 per cent of them contribute to the GDP.

A statement issued by Bastiat Ghana on Monday by Dr Tweneboah Senzu, Managing Director and copied to Ghana News Agency in Accra, noted that there are so many initiatives to support the SMEs yet a number of enterprises seem not to find the usefulness and the benefit of such great initiatives.

“Among the bigger obstacle to SMEs now in Ghana is access to funding and ability to conduct market research to support their operations as a guide to work scientifically for the success of their venture.

“The market landscape is very dynamic fast-paced and evolving functions of numerous challenges and opportunities which the support of only quality market research will make a venture have a bright future with investors confident to invest.

“Bastiat Ghana Institute have a team not only dynamic and skilled to empower the growth of SMEs but passionate to realize that our interventions this time should cause tremendous development that has never happened before in Ghana.

“We are ready to undertake such a project task along with graduate students from the various universities across Ghana who believe in our mission and will want to work with our team as a form of project work,” the statement said.

It said it is the desire of the Institute to see that the project goes through the 10 regions successfully by engaging specialist consultants alongside for fruitful result.

The statement said Bastiat Ghana would support the SMEs with its core objective of providing free bankable business plan on ideas of the owners and financial reporting manual to facilitate the preparation of their personal financial reports to ease the auditing of businesses and pave the way for transparency and encourage increase in financial accessibility.

The initiative would be the foundation to understand their real marketing challenges to enable the institute to provide them market intelligent reports to guide operational performance.

The team has therefore signed a memorandum of understanding (MOU) with Association of Small Scale Industry in Western Region to empower SMEs to work together for quality result.

“We call for more extra hand in funding through the corporate world to support our effort in empowering the engine of Ghana’s economy.

“The only difference of this initiative...the passionate team who are young professionals as well as scholars in their field of practice and understand that the outcome will justify the quality of their brand globally and committed to sacrifice everything for only the quality result and attain the credibility as the engineers of Ghana’s economy.”