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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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

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

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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ACET launches Business Transform program for local SMEs

byEllen Dapaah
November 9, 2021
in Business
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The first edition of the African Centre for Economic Transformation’s (ACET) Business Transform program has officially begun with the first cohort of 10 Small and Medium-Sized Enterprises (SMEs) in Ghana.

In Ghana, SMEs account for over 90 percent of all registered businesses and generate more than 90 percent of employment.

SMEs have the potential to generate close to half a million jobs every year if well supported. Unfortunately, many of these businesses do not survive long enough to create these jobs.

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The ACET Business Transform (ABT) program aims to help SMEs successfully navigate the business development market to access the back and front office support they need to demonstrate their viability as companies.

As a key component of ACET’s Private Sector Development program, the ABT is set to help SMEs become investments ready, and integrate them into competitive regional and global value chains.

In delivering the welcome address at the official launch of ACET Business Transform on November 8 in Accra, the Executive Vice President of ACET, Mavis Owusu-Gyamfi, highlighted the importance of private sector partnership in pushing SMEs in the continent’s transformation agenda.

“Our research shows that it takes the combined efforts of the public and private sectors to create the right policy
environment for businesses and innovation to thrive, and for growth with depth to take root. We fundamentally believe that private sector-led initiatives, anchored in sound analytics and practice, will drive Africa’s transformation agenda. That’s why we are increasing our focus on working with the private sector, especially small and medium businesses.”

Speaking to Citi Business News on the sidelines of the event, Mavis Owusu-Gyamfi further outlined her outfit’s plans for the selected SMEs in the African Continental Free Trade Area (AfCFTA) which has come as an opportunity for African businesses to expand.

“We want to build these companies to a level where they can compete in Ghana and tap into value chains. So for example, there’s a gentleman who’s providing industrial cassava. If we can help him to develop and grow, he can sell to North and East Africa and can really take advantage of the AfCFTA. It can even set up sub factories in these countries and tap into the natural resource base to expand,” she said.

ACET Head of Private Sector Development, Charles Odoom, added that the programme is ACET’s response to the challenges in the local content SME ecosystem.

“Through technical and managerial interventions, mentorship, coaching, and direct funding, the programme will move SMEs into investment readiness and support their integration into competitive global value chains.”

The first 10 Ghanaian SMEs, who were competitively selected from more than 70 applicants by an independent panel of consultants, will benefit from the guidance of technical partners and the mentorship of well-connected business executives and global leaders.

Below is the list of the ten businesses that make up the first Business Transform cohort:

1. Big Bond Roofing Systems Limited
2. Groital Company Limited
3. Homefoods Processing and Cannery Limited
4. Maxtachem Limited
5. Melach Coconut Processing Farm
6. Nelplast Eco Ghana Limited
7. Saliscom Limited
8. Sky-3 Investment Limited
9. Skylink Agro Solutions
10. Solar Taxi Limited

The African Centre for Economic Transformation, founded in 2008, is a Pan-African economic policy institute that supports Africa’s long-term growth through transformation.

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