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IN THE NEWS: POOR RECORD-KEEPING STILL THE BANE OF SMEs
Some industry players and experts in the field of business have argued that the persistent lapses in ‘documentary and record administration’ of most small business operations cause the SME sector’s inability to realise any meaningful growth. Small and Medium Enterprises (SMEs) are considered the bedrock of every economy, and in the case of Ghana — classified as a middle-income economy — forms about 90 percent of businesses operating in the country. However, despite the sector’s enormous contribution to the local economy, it has been exposed to a number of challenges — among which has often been listed lack of access to credit.
But contributing to a panel discussion at an SME business breakfast meeting, organised by First Atlantic Bank for small business operators in Kumasi, key speakers including the Ghana Manager of Invest in Africa (IIA), Mr. Samuel Essilfie Brandful, said the problems of SMEs go beyond just access to credit.