Gov’t must support SMEs – Prof. Omane-Antwi

Prof. Kwame Boasiako Omane-Antwi, Vice Rector and Dean of the Pentecost University College Graduate School ((PUCGS), has urged government to provide cheap means of financing for Small and Medium-scale Enterprises (SMEs).

According to him, the interest that SMEs pay to banks and other financial institutions were detrimental to the growth of the businesses.

Prof. Omane-Antwi, who was speaking recently at a forum in Accra, said SMEs are catalysts of business growth all over the world and must be supported by government.

“It is a must for government to support SMEs,” he said.

Prof. Omane-Antwi noted that with government’s support, the SMEs would be able to create more jobs and honour their tax obligations to the nation.

He lauded government’s plans to obtain financial support from the International Monetary Fund (IMF) to help stabilize the country’s economy through prudent public financial management under the watch of the institution.

However, Prof. Omane-Antwi stressed the need to continuously track the financial performance of the government to ensure fiscal discipline and accountability.

Prof. Omane-Antwi said Pentecost University Graduate School would continue to monitor the Public Financial Management System of the government and contribute its quota to the development of Ghana.

He said PUCGS, as part of its contribution towards national development, had instituted a programme to create awareness about tax issues in the country.

“Ghana will succeed in spite of our current economic challenges, overwhelming victory will be ours provided we adopt high-level fiscal discipline and prudent monetary policy management,” Prof. Omane-Antwi said.