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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

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Financing SMEs still challenging in Ghana

bycitibusinessnews
February 4, 2016
in Local Economy, Top Stories
President of AGI, James Asare Adjei

President of AGI, James Asare Adjei

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The Association of Ghana Industries (AGI) for instance, at a stakeholders’ forum, revealed that almost all proposals by its members to secure funding from the Export, Trade Agricultural and Industrial Development Fund (EDAIF), were denied in 2015.

President of AGI, James Asare Adjei also tells Citi Business News addressing such needs will enhance private sector growth and development.

“What we need to do as a country is to look at the financing dynamics that we have to give such that The SME s will develop. AGI has established a fund that seeks to provide support to its members but we are limited to what we can do; so we call on government for its support to be able to go outside of the capital to be able to go and support such businesses to be able to grow and create the needed employment,” Mr. Asare Adjei said.

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Venture Capital challenged

In a related development, the Chief Executive of the Venture Capital Trust fund, Osman Sulemana, has cited the fund’s limited revenue sources as a major factor accounting for its inability to provide support to Small and Medium Enterprises.

According to him, the fund’s overreliance on budgetary support from government makes it difficult to meet most of the funding needs of SMEs.

Being in existence for about a decade now, the Venture Capital trust fund is mandated to provide equity and quasi-equity investments as well as managerial and technical support to SMEs.

But Osman Sulemana maintains the absence of a statutory source of revenue following the repeal of the national reconstruction levy; has continuously impacted the Fund’s operations.

He however explains to Citi Business News new strategies which should enable the fund access revenue from the international market.

“We set up a committee somewhere last year to sit and review the law so that we will be given the opportunity to be able to input a tax to be paid to us directly. But the Ministry of Finance wrote to us demanding an impact assessment on the activities of the Fund. We have since finalized the report and yet to submit the report to the Ministry for the committee to start sitting, when that becomes possible and the maybe we will be given the opportunity to borrow from the international market to aid our operations,” Osman Sulemana stated.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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