Tag: MSMEs
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No book keeping, no access to finance, Consolidated Bank to MSMEs
Micro Small and Medium Enterprises (MSMEs) will continue to face challenges in accessing finance from financial institutions over their inability to produce accurate records of their businesses. This is according to General Manager, Business Banking at Consolidated Bank Ghana, Michael Kwansa. Access to finance remains a key constraint to MSME growth and development in many…
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BoG, MAS, DBG partner to develop financial ecosystem for Asia-Africa SME trade
Ghana’s Micro, small and medium enterprises (MSMEs) sector is set to see a major boost as the Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE). The Ecosystem aims to enhance financial capabilities and access…
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#CitiBusinessFestival enters week 2: Focuses on Resetting MSMEs in a COVID-19 era
The Citi Business Festival continues this week with conversations on Resetting Your Micro Small and Medium Enterprise (MSME) business after the Covid-19 pandemic. The Covid-19 pandemic dealt a big blow to many Medium and Small-Scale businesses, affecting not only their revenues and profits, but even their very existence. It is against this background that the…
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Most MSMEs unwilling to pay more taxes even for better government services – CDD report
The majority of Medium, Small and Micro Enterprise (MSME) owners in Ghana are unwilling to pay more taxes even if it means benefiting from more improved government services. This is according to the report of a survey conducted by the Ghana Center for Democratic Development (CDD-Ghana). The report titled ‘Access to Justice and Public Services,…
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#CitiBusinessFestival: Build capacity to attract credit – Grace Anim-Yeboah urges MSMEs
The Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah, has urged entrepreneurs who intend to secure credit facilities to start or expand their businesses to build capacity first. Speaking on the theme, ‘Doing business in Ghana as an MSME‘ on Citi TV, as part of this year’s virtual fora of the Citi Business…
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Eni Ghana and OCTP partners join NBSSI to support SMEs in Ellembelle
Eni Ghana, on behalf of its OCTP partners Vitol and GNPC, has signed a cooperation agreement with the National Board for Small Scale Industries (NBSSI) to support Micro, Small and Medium Enterprises (MSMEs) in the Ellembelle District in the Western Region. Under the agreement, 800 MSMEs will get entrepreneurship, financial literacy and technical skills training.…
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WorldRemit announces Africa-focused Entrepreneurship Program in Ghana
As part of its commitment to create opportunities and facilitate development in Africa, WorldRemit, the global digital money transfer service, has announced the launch of its WorldRemit Entrepreneurs Program in Ghana, Kenya, Ghana, and Nigeria with Patrick Nnaemeka Okorie, aka Patoranking as the program’s brand ambassador. Since the outbreak of Covid-19 across Africa, the continent…
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NBSSI converted to Agency after passage of Ghana Enterprises Agency Bill
Parliament has approved the Ghana Enterprises Agency Bill under a certificate of urgency. The House, last week, determined that the Bill be passed under a certificate of urgency due to its importance. The Ghana Enterprises Agency Bill will convert the National Board for Scale for Small Industries (NBSSI) into an agency to oversee, coordinate, promote…
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MSMEs contribute only 4% to total domestic tax revenue – PEF Research
Findings by the Private Enterprise Federation (PEF) in collaboration with the Open Society Initiative for West Africa (OSIWA) Project have revealed that Micro, Small and Medium Enterprises (MSMEs) in the country contribute only 4 percent to total domestic tax revenue despite making up about 92 percent of registered companies in the country. According to them,…
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Make tax compliance less burdensome for MSMEs – PEF to Gov’t
The Private Enterprise Federation (PEF), has asked government to adopt a tiered tax system to reduce the tax burden on businesses, especially Micro, Small and medium sized enterprises in the country. According to PEF, this will help government generate adequate revenue, encourage voluntary tax compliance and reduce the cost of tax administration in the country.…