Eximguaranty holds workshop for SMEs

Accra, Nov. 16, GNA - Eximguaranty is to strengthen its position as a development finance institution uniquely established to be the credit guarantee institution for exporters and small and medium enterprises (SMEs) in the productive and services sector.

The Managing Director of Eximguaranty Company Limited, Mrs Felicity Acquah, said over the past one year, its marketing plan had focused on developing more products to suit the needs of Banks and other financial institutions such as local credit line guarantee for microfinance institution and advanced mobilisation guarantee.

Speaking at a day's workshop for small and medium enterprises, she said the company had struck alliance with various national contracting agencies on products for the road construction, technology, transport, information technology, technical services, agriculture and industrial sectors.

The workshop was on the theme: "Ensuring Efficiency in Operational and Financial Management of Small and Medium Enterprises."

Mrs Acquah reiterated the core values of Eximguaranty, which were professionalism, communication, team work and customer care and said the company had formally been admitted to the Association of African Development Finance Institutions.

She said Eximguaranty's vision was to play a leading role in the emerging guarantee market and its mission was to facilitate the flow of credit to SMEs by providing credit guarantees and general financial risk management solutions.

Eximguaranty's corporate objective is to assist banks and non-bank financial institutions in extending credit facilities to borrowers who may have inadequate or no collateral.

It also provides internal and external guarantees to mainstream financial institutions and major contract awarding agencies in the disbursement of foreign and local credit lines.

Dr. Johnson Asiama, Deputy Governor of the Bank of Ghana, said the Central Bank was ready to support the SMEs for effective financial standards.

The Bank also aimed at promoting financial literacy among the people and enhance the quality of human resource in the country and job creation. Minister of Trade and Industry, Ms Hannah Tetteh in her keynote said the private sector must avail itself to work and co-operate for effective financial standards, adding that professionalism and expertise should be the core values in financial issues.