SMEs urged to keep documentation of transactions

Operators of Small and Medium Enterprises (SMEs) have been urged to stick to best practices by keeping detailed and accurate records of their day-to-day transactions.

This is the way to go to enable them to attract support from the financial institutions to grow their businesses.

Mr. Kwesi Agyemang, an official of the Ghana Commercial Bank (GCB), made the call at a financial literacy seminar held jointly by the Private Enterprise Foundation and the Konrad Adenauer Stiftung (KAS), a German Organization, for entrepreneurs.

In attendance were representatives of the various financial institutions including Metropolitan Insurance Company, Ghana Union Assurance, Beige Capital, Exim Guarantee and Venture Capital.

Mr. Agyemang identified lack of comprehensive financial report on businesses as a major challenge in assessing what support to give to them.

Nana Osei Bonsu, the Chief Executive Officer (CEO) of the PEF, said the seminar was meant to close the financial literacy gap between financial institutions and SMEs.

He said this would significantly help the SMEs to access credit, both as start-up capital and for the expansion of their businesses, to boost economic growth.

Dr. Isaac Owusu Mensah, the Senior Programme Manager of the German Organization, said its partnership with PEF was to help enhance the performance and sustainability of the SMEs.