More than 3,000 Micro, Small, and Medium Enterprises (MSMEs) are set to undergo training to improve their access to financial services.
Despite employing approximately 85 per cent of Ghana’s workforce, MSMEs face significant challenges in accessing finance.
Many MSMEs in Ghana struggle due to their limited knowledge and understanding in key areas such as financial management, banking services, pensions and retirement planning, and risk management and insurance.
These gaps hinder their ability to access financial services, limiting their business growth potential.
A statement copied to the Ghana News Agency on Thursday in Accra said, to bridge this knowledge gab, the Private and Financial Sector (PFS) programme has launched the Access to finance training initiative, targeting MSMEs across five selected regions in Ghana, including; Accra, Bono, Bono East, Ahafo and Ashanti.
Funded by the German Cooperation through the Deutsche Gesellschaft fr Internationale Zusammenarbeit (GIZ) GmbH, the initiative aims t
o enhance the financial and business management skills of MSME owners and managers.
The statement said by improving their understanding of financial management and risk management, the programme equips them with the knowledge and tools necessary for effective enterprise management and increased ability to access financial services.
It said the three-day training sessions will reach MSMEs from 15 selected trade associations in Ghana with a special focus on women-led businesses and persons with disabilities.
These sessions are designed to provide entrepreneurs with practical experience in
financial and risk Management.
The training topics were carefully chosen based on a detailed needs assessment conducted within these trade associations, ensuring that the content is tailored to address their specific challenges, the statement said.
It added that at the end of the training programme, beneficiary MSMEs were expected to have improved their capacity to manage their business well, improved their cash flow man
agement, and able to secure financing from financial institutions.
The training would also empower the MSMEs to make more informed financial decisions and improve their access to financial products.
The statement said GIZ aimed to ensure MSMEs make informed financial decisions that would enable them to access financial services.
‘To complement these trainings, the PFS
programme has also partnered with financial service providers to develop tailored
financial products and services that will benefit these MSMEs. The training will equip
them to access and effectively utilise these products and services when developed’, it said.
However, this initiative is a significant step toward empowering MSMEs in Ghana, helping them to overcome financial barriers and achieve sustainable growth.
Source: Ghana News Agency