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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

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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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    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

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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

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    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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#CitiBusinessFestival: Five things to consider when resetting your MSME after COVID-19

bycitibusinessnews
June 8, 2022
in Business, Local Economy, News
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The Citi Business Festival’s forum on Micro Small and Medium Enterprise (MSME) discussed ways of resetting businesses after COVID-19.

The forum saw Kosi Yankee, the Chief Executive Officer of the Ghana Enterprise Agency; Audrey Abakah, head of SME, agency and partnerships at Absa; the CEO of Busara-Africa, Taaka Awori and Richard Densu, the Senior Manager, Enterprise Customer Enablement & Solutions, MTN Business proffering solutions on how businesses could rebound after the pandemic.

MSMEs must focus on the big P.I.C.

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Taaka Awori outlined what she described as P.I.C. for MSMEs to focus on–“P” for people, “I” for innovation and “C” for cash.

She said these three things were related to how businesses could become more resilient.

She stressed that recovery starts with a focus on the people in your organisation and ensuring they have the “right type of skills to adjust in the market.”

“It might not necessarily mean expensive training. It might also mean the ability to move people in different functions.”

When innovating, one pathway to consider is leveraging partnerships and understanding one’s limits.

When considering cash, Taaka Awori urged businesses to diversify income streams and ensure savings for a rainy day.

“What do I need to be putting aside as my business every month so that when my next crisis comes, we are ready to ride it out,” she noted.

MSMEs must position themselves for banking support

Audrey Abakah urged businesses to be mindful of regulations and banking relationships if they want credit support.

“A lot of them are not well-positioned at all,” she said, noting that some businesses do not have bank accounts or registered businesses.

“If you really want a bank to support you, one of the easiest things you have to do is establish a relationship by opening an account with the bank and also registering your businesses,” Audrey Abakah noted.

“At this point in time, if an SME has not registered its business, honestly, I really don’t know where you want to go with your business.

MSMEs must be proactive and anticipate industry trends

Kosi Yankee stressed the importance of MSMEs continually learning new ways of doing things and understanding the way market tendencies have changed.

“Businesses need to pay attention to what has changed in the world and what is important for people,” she said.

Taaka Awori also urged MSMEs to learn from similar shocks and be future-oriented to weather storms and take advantage of opportunities.

She advised businesses to spend time researching and understanding one’s MSME market.

“The problem we find as MSMEs is that we are reactive,” she said. “As an owner, your obligation is not only to pay attention to the immediate but also to have what they call perceptual acuity”.

MSMEs must leverage technology to improve their businesses

MSMEs were advised to digitise the way they buy, sell and manage business data.

“You have to start small. It doesn’t have to be big. There are a lot of applications that have a free package. Start with the free package and then scale up,” Richard Densu said.

As an example, he noted that traditional ways of bookkeeping are “no longer useful.”

“You can bring efficiency into your business through technology and make it easier to for them to assess your business for [loans]”.

MSMEs must take advantage of business coaching services

Kosi Yankee urged MSMEs to sponge off business development services (BDS) and business coaching.

This coaching is key to ensuring the MSMEs do not remain stagnant.

“It is important for us to transform the economy by providing support to these entrepreneurs and the MSMEs to watch them grow, if not they will stay where they are,” she said.

She noted that her outfit was working to take BDS to the doorsteps of MSMEs with better decentralisation.

The Ghana Enterprise Agency is also roping in the private sector to support business coaching and mentoring initiatives.

“We have also realised the need for industries, the private sector and existing business to come in and support some of the smaller and medium enterprises and pull them up,” Kosi Yankee said.

ABSA Bank is the main sponsor of the Citi Business Festival 2022 and supported by MTN Momo and MTN Business Support, IT Consortium and the Ghana Investment Promotion Centre (GIPC), and GIRSAL.

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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)
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