The Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah, has advised Micro Small and Medium Enterprises (MSMEs) who intend to secure credit facilities to expand their businesses to formalise their operations.
Speaking on the on-air series of the Citi Business Festival on the Citi Breakfast Show, Madam Anim-Yeboah explained that these enterprises stand a better chance at securing funding when they are well-structured and better positioned.
She also said formalising the operations of the business is important for growth.
“Formalise your operations; there are a lot of businesses around town, and you need to stand out. Bring yourself up to speed with the various regulatory stakeholders. It is part of preparing your business for growth. Also, invest in your people. Find the right people on the journey with you, so that as a business owner you can take a break.”
“One of the important things to do is bookkeeping. You need to get your records together, not only for the purposes of accessing credit from banks. It helps to track the viability of the business you are running. It is important to get the right structures in place, have a plan and begin to forecast how your business will look like in some years to come, and make decisions to drive your business.”
About the Citi Business Festival
The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.
This year’s edition is hinged on five thematic areas, namely:
Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.
Week 2: Doing business in Ghana.
Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.
Week 4: Trade – AfCFTA: Opportunities for investment & Job creation in Ghana.
Week 5: Oil and Gas – The opportunities for indigenous businesses.
There will be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm for the entire month.
The radio on-air series, from Monday to Thursday on the Citi Breakfast Show, is themed to correspond with the virtual fora.
The Citi Business Festival is sponsored by Absa Bank Ghana with support from IT Consortium and Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.