- The Bank of Ghana has urged Micro, Small and Medium Enterprises (MSMEs) to employ creativity in their business dealings
- Its Second Deputy Governor of BoG, Elsie Addo Awadzi, noted that the outbreak of the coronavirus has created an opportunity for them
- She added that Ghana needed a strong and viable MSMEs sector
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The Bank of Ghana has called on Micro, Small and Medium Enterprises (MSMEs) in the country to spearhead the campaign for economic recovery in Ghana.
According to the Central Bank, the current situation has nonetheless created a myriad of opportunities for MSMEs.
The Second Deputy Governor of BoG, Elsie Addo Awadzi, explained that such businesses are now in the position to reengineer themselves and to participate more fully in the national, regional, and global economy.
READ ALSO: COVID-19: Ghana likely to earn over GHc300 million from production of face masks - Expert
Per a report by the Ghanaian Times, she encouraged such businesses to also adapt their management practices and diversify the range of products and services for the local market, as well as expand into the ECOWAS sub-region and beyond.
Awadzi also encouraged MSME’s to also ensure full compliance with standards, and ethical business principles to help build strong foundations for robust growth and lasting impact.
She added that Ghana needed a strong and viable MSMEs sector, which must continue to soldier on, leveraging the opportunities available and creating new ones for themselves and future generations of entrepreneurs.
She noted that the sector had also provided women and the youth opportunities to harness their economic potentials and it is estimated by the World Bank that about a third of all MSMEs in Africa were owned by women.
In other news, the Managing Director of CAL Bank, Phillip Owiredu, has suggested that banks in Ghana would need a miracle to continue doing business in the country.
According to him, the outbreak of COVID-19 has negatively affected the operations of several banks in the country.
He added that the outbreak was at serious levels only one month into the first quarter but still managed to affect the finances of the banks.
READ ALSO: World Bank gives Ghana $315 million to create jobs and develop skills
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Source: Yen Ghana