SMEs must use market knowledge to excel - Krofah

Dodowa (GAR), Sept. 1, GNA - Local Small and Medium Scale Enterprises (SMEs) stood a better chance to excel compared with foreign companies if they could effectively utilize their rich market knowledge, Mr Wilson Krofah, President of the National Chamber of Commence and Industry argued on Friday.

He said besides "the local SMEs are the better positioned to know the Ghanaian market terrain which they could use to improve sales and grow their businesses=94.

Mr Krofah said this knowledge of the market should better inform SMEs to adopt business strategies and good management practices that would turn their fortunes around for higher profits. He was speaking at the end of a five-day Sub-Regional workshop for 30 SMEs from Ghana, Sierra Leone and The Gambia held at Dodowa in the Dangme West District of the Greater Accra Region. The workshop organized by the Private Enterprise Foundation (PEF), the Sierra Leone Indigenous Business Association (SLIBA) and The Gambia Public Sector, Private Sector and Civil Society Interface Capacity Building Project (GICAP) was under the theme: "Investment Financing for SMEs.=94

Mr Krofah said: "The survival of SMEs largely depends on how they can manage their market information and satisfy the needs of the people."

In addition, he said, for SMEs to continue to operate, they must be efficient and empower themselves with sound business practices which were keys to becoming efficient managers.

On access to credit, he said the funds were available since bank rates were declining. However, these found would be available to them only when they demonstrated that they would use them well. Mr Joshua Ayittey, a Ghanaian participant, lauded the collaborative initiative by the three private sector associations and said the workshop had been beneficial because it gave insight into the business environment in Ghana.

Most especially, he said, it had equipped them with the rudiments of accessing credit.