Policy Analysts have
identified lack of access to credit and high cost of borrowing as the top two
key challenges facing manufacturing enterprises in the country.
They also reveal women in
the business sector have greater difficulties in accessing banks loans due to
high collateral requirement.
It indicates cost of
borrowing over the years has restricted manufacturers the scope of business
growth.
Dr. Joseph Abbey however
wants government support the removal of secondary requirement of banks to
ensure adequacy of funds for lending to SMEs.
He also calls for proper
orientation for SMEs on the need of investing banks loans into the right
business ventures for efficient returns and repayments.
Dr. Abbey was speaking at
a 3-day National Council Stretagic Workshop by the Association of Ghana
Industries in Kumasi.
Executive Director of AGI,
Seth Twum Akwaboah called for proper coordination between government and
various stakeholders in the business industries in national policy formation.
This he believes will reduce the usual antagonism between government and other
stakeholders in policy regulations in the business sector.
“The business community
itself keeps identifying access to loans and cost of loans as the major
challenging factor facing them…..we must be more committed to loan repayments
as a country. If you get to the SMEs sector our women folks are well
represented but they are faced with greater difficulties in accessing loans due
to higher collateral requirement” he stated.
The programme was under
the theme: Achieving Industrial Growth; Challenges and Strategies.
END Story: Kofi Asante Ennin/Nhyira Fm-Ghana
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