Technical competency, partnerships key to MSMEs survival

Msmes 696x463 File photo

Fri, 17 Mar 2023 Source: thebftonline.com

Micro Small and Medium-sized Enterprises (MSMEs) have been urged to develop technical competencies and partnerships so as to survive the current economic challenges.

Doing this will also allow MSMEs to remain competitive, increase their chances of excelling, says Head of Retail banking at Zenith Bank Ghana, Gloria Cabutey-Adodoadji.

Speaking at an event organised by Zenith Bank Ghana in collaboration with World Trade Centre-Accra and Alibaba.com’s global seller-training for Small and Medium-sized Enterprises (SMEs) in Accra, she noted that individually, MSMEs need to put their house in order by developing their technical competencies and also have proper data and bookkeeping skills.

She added that to position themselves to access support and become investor-ready, especially in the face of the current economic climate, it is essential that they improve their managerial as well as marketing skills, and develop workable business plans and strategies that encompass short, medium and long-term plans.

“MSMEs can form associations to pool resources together. This way MSMEs will have a stronger bargaining power to negotiate for flexible loan terms, borrow in groups and disburse members as well as hold each member accountable, thereby making it difficult for members to default on their obligations.

“Also, corporately, MSMEs may come together with one voice to lobby for proper infrastructure, financial assistance and grants, creation of technical and advisory support centres, relaxation and simplification of tax laws and regulations,” she added, stressing that MSMEs remain key to the country’s economy.

The training event sought to impart new sellers the basic knowledge needed for selling on the Alibaba.com platform; as well as coaching and guiding sellers to overcome the challenges that come with exporting.

For his part, Head of Trade in Services, Manufacturers and Petrochemicals Department at the Ghana Export Promotion Authority (GEPA), Banda Z. Khalifa, stated that the country can leverage exports to realise significant growth, hence the need to channel more effort and investment into promoting production and export.

“The survival of economies depends greatly on the exchange of goods and services with other countries. Exporting in the global marketplace presents Ghana with limitless opportunities for growth and economic transformation,” he added.

After the training, participants who spoke with the B&FT expressed gratitude to the organisers for developing such a programme to support the growth of businesses.

“It gives us an opportunity to explore the global market and the only request would be that small businesses will be supported to take advantage of the opportunity of such globally recognized platforms. I will encourage all SMEs who are not part of any of these trade associations especially GEPA to register and get exposed to such opportunities. This programme has been very helpful,” one of the participants, Selasi Dzikunu, Chief Executive Officer of Delse Shop, said.

Source: thebftonline.com