web analytics
Connect with us

Business

CBG to support the growth of SMEs with new SME series

Published

on

As part of its commitment to support Small and Medium-sized Enterprises (SMEs) in Ghana, Consolidated Bank Ghana (CBG) is set to engage SMEs with its maiden programme ‘CBG SME Adesua Series’. ‘Adesua’ means learning in the Twi dialect.

The virtual event is aimed at empowering SMEs through insightful activities that will enable them to thrive during and beyond the COVID-19 pandemic. The maiden webinar is being held under the theme: Facilitating Trade Business during Covid Era and it is scheduled for Wednesday, December 2, 2020, from 10:00 am to 12:00 pm.

Commenting ahead of the CBG SME Adesua Series, Managing Director of the bank, Daniel Wilson Addo, reiterated Consolidated Bank’s commitment to stand with Small and Medium businesses in Ghana.

“SMEs are the bedrock of every nation and as such deserve the best of attention in terms of policy formulation, innovative ways of doing business and financial support. It is therefore very important that they get all the needed attention they need to survive, especially during these COVID-19 times. Trade business is an integral part of the operations of most SMEs, hence it is important to engage CBG’s SME clients to demystify the misconceptions about a bank’s intermediary role. As a bank that has pledged to be at the frontline in offering services to SMEs, this webinar will also be a client interaction opportunity to glean feedback on the current services and products that CBG is offering.”.

Speaking on what to expect from the Webinar, lead speaker for the event, Haruna Seidu, Head of Trade Sales at CBG said, “The webinar will highlight the various advantages and risk of the different types of International Trade contracts and how customers can rely on CBG to support them to minimize the risks”.

Future CBG SME Adesua series will shed more light on pertinent issues affecting SMEs like:

Taxation and access to Free trade opportunities on the African continent,

Leveraging technology to stay competitive

Developing Managerial skills as a Business owner

Booking keeping for business financial health.

CBG has 114 branches across Ghana, that serve and support SMEs across the country with well-designed products and services, adequate for purpose of empowering the growth of SME businesses in Ghana.

Source: Happy 98.9FM

BLOGGER! EVENT & RADIO DJ! ONLINE INFLUENCER! IG@ KOFI_MODERN! TWITTER@ MODERNNEWSGH! TELE:0277301540

Advertisement

Business

Prez Nana Addo Unveils Golden Opportunity To Private Sector

Published

on

The President, Nana Addo Dankwa has unveiled great golden opportunities to the private sector on the maiden day of his swearing-in.

In his maiden speech, President Nana Addo challenges the private sector to establish the state of the arts industries like the Ekumfi Fruits and Juices factory and produce products which would help cut down on imports in the medium to long term.

The Alliance for Development and Industrialization, (ADI), has learnt that ADB bank, OBTF and KFW have taken up the challenge. Currently, ADB in partnership with OVCF and GIRSAL are supporting various businesses that are related to raw material production and community engagement to meet such a challenge.

In view of this, Ekumfi Fruits and Juice Factory through the support of ADB is expected to expand its out-growers scheme to employ over 3000 workers within the space of 24 months.

It is also estimated that the Ekumfi factory and its allied businesses is expected to generate an annual revenue exceeding US$90million within the next 24 to 36 months. This is still inadequate as the country consumes six times the value and this gives room for other businesses to fill in.

Even if the gab is filled halfway, it is likely to generate GHC2 billion into the economy. It is for other industries to the advantage of this opportunity to the economy could expand.

This also opens the opportunities for the farmer who are into the cultivation of commodities such as citrus, mango, passion fruits, pineapple among others, which is estimated to create more than 20, 000 jobs through the value chain process.

The Ekumfi Juice factory, a wholly Ghanaian indigenous company has secured funding from the ADB bank to support the expansion of its out-grower scheme.

The credit facility which is to finance Ekumfi outgrowing partner company has the mandate cultivate most of the fruits the factory needs. This would help expand the cultivation of pineapples in the central region to over 1500 acres to feed the Ekumfi Juice factory.

Additionally, this facility is expected to help the company move from a single shift production to a two-shift per day, increasing employment at the farms and factory by about 1,000 and 300 respectively.

The move is to make the company commercially more productive and also meet the factory’s daily demand of an average of 8 acres of pineapple.

ADB bank believes it is time that such a facility comes in to possibly augment the supply of pineapple to the factory and also keep the production of the pineapple juice factory afloat. The reason has been that most companies in the country fold up due to lack of raw materials, hence the need to provide six-year guarantee support.

ADB bank provided the guarantee underwritten by Ghana Incentive-Based Risk-Sharing System for Agricultural Lending, (GIRSAL), to get KFW financing through the Out-grower Value Chain Fund (OVCF) of the Ministry of Food and Agriculture (MOFA). ADB ventured into this arrangement because it has seen the good product from the Ekumfi Juice Factory and the way the factory was going to impact greatly on the economy as well as the lives of the people.

The factory is currently the largest and only all-natural fruit juice on the Ghanaian market.

The facility is now the biggest fruits processing factory in West Africa, with the capacity to process 10 tons of fruits per hour putting Ghana on the international radar with regard to the competition of products on the export market.

The Ekumfi Pineapple Processing Factory is the first factory to be constructed within 18 months under the government’s flagship initiative the ‘One District One Factory’ project in line with the President’s vision and support from Ghana EXIM Bank as well as support from other banks.

The factory is sited on a 50-acre land and has 100-metres length and 50-metres width of factory floor space large enough for additional production works.

The GIRSAL set up by the Bank of Ghana is a non-bank financial institution with the objective to de-risk agricultural financing by issuing agricultural guarantee instruments to enhance the total amount of credit to the agricultural and agribusiness sectors.

Source:Peacefmonline.com

Continue Reading

Business

‘I’ll Make Economy More Stable’

Published

on

PRESIDENT-ELECT, Nana Addo Dankwa Akufo-Addo, has said his new administration will put in place measures to make the economy more stable.

President Akufo-Addo, who addressed Ghanaians from his private residence at Nima in Accra, said he was committed to making Ghana the beacon of hope for Africa by building a stronger economy.

This was after Jean Mensa, Returning Officer, declared the results of the 2020 Presidential Election.

According to him, the ultimate goal of his second tenure will be to grow the country in all fronts and improve the livelihood of all Ghanaians.

“My immediate task will be to continue with the process of reversing the effects of COVID-19 effects on our economy and on our lives. And put the nation on course for full economic recovery and development,” the President said in his victory statement.

“Before the pandemic struck, Ghana in recent years was among the fastest growing economies in the world. I give you my word, we will regain that reputation,” President Akufo-Addo emphasized.

The President further noted, “Just as I have been doing since January 2017, I give you my word that I will continue to work very hard to build a prosperous and progressive Ghana for which we are here.”

Forecasts

Various economic forecasts by the International Monetary Fund, the World Bank and international research institutions and credit agencies have revealed that the Ghanaian economy will grow strongly at about 4.8% in 2021 despite the expected challenges with respect to the fiscal economy.

This is expected to provide opportunity for the economy to mobilize more revenue to take care of budget financing and repayment of debts amongst others.

President Akufo-Addo won the 2020 elections with 51.59 per cent of the votes on the ticket of the New Patriotic Party (NPP), adding that “the decisive margin of victory in this election constituted for me an endorsement of policies and programmes initiated by my government and put before the electorates. And I am determined to, in all my power, accomplish the task of this new mandate and thereby justify the confidence reposed in me.”

He assured all Ghanaians that he would do his best for everyone, and therefore would not let anyone down and urged all Ghanaians irrespective of their political affiliations, ethnic backgrounds, amongst others to support his government to deliver results for all.

By Jamila Akweley Okertchiri

Continue Reading

Business

Govt Considers Investor -Friendly Reforms

Published

on

GHANA’S PLANS to overhaul its regulatory system and establish a one-stop shop for investors as part of broader efforts to boost FDI, are explored in a new Covid-19 Response Report (CRR) produced by Oxford Business Group (OBG) in partnership with the Ghana Investment Promotion Centre (GIPC).

The CRR charts the steps taken to enhance Ghana’s business environment by promoting transparency and accountability, which include the launch of an online delivery tracker documenting progress of the government’s infrastructure projects.

Other topical issues examined include the national push to improve food security and self-sufficiency, which have taken on added importance since the arrival of the virus and will be driven forward through large-scale agricultural modernization efforts.

The Covid-19 Alleviation and Revitalization of Enterprises Support (CARES) programme, an expansive GH¢100 billion economic response and development plan, is another key focus of the report. Aspects of this wide-ranging, two-phased initiative analyzed includes the country’s plans to bolster the healthcare system, boost support for businesses, introduce a national unemployment insurance scheme and provide retraining initiatives.

Ghana’s infrastructure projects and the opportunities they present for investment are also given extensive coverage. Subscribers will find details of the many major initiatives in the pipeline, led by the six-phase Railway Master Plan, road developments, bridges, hospitals and homes.

The CRR includes interviews with high-profile personalities from across the public and private sectors, including Mahamudu Bawumia, the Vice-President of Ghana.

In an interview, Dr Bawumia shares his thoughts on the economic sectors most in need of investment, the part that digital solutions will play in transforming Ghana and how the country can leverage its location as the headquarters of the African Continental Free Trade Area Secretariat.

“We believe our country has the potential to be a hub in many areas such as petrochemicals, financial services, education and digital services,” he told OBG. “We have achieved a lot in recent years regarding digital services in particular. We are now at a stage where we have all infrastructures in place and will be connecting it in 2021 to achieve a fully interconnected system across the country.”

Yofi Grant, the CEO of GIPC, added that “with the African Continental Free Trade Area Agreement set to commence in January 2021, our strategy will be geared towards impact investment and targeting investors in sectors that will give Ghana the competitive advantage needed in the Fourth Industrial Revolution.”

Karine Loehman, OBG’s Managing Director for Africa, said that while fallout from the pandemic had weighed heavily on Ghana, exacerbated by declining oil prices and significant global trade reductions, a survey of C-suite business executives in the country conducted by OBG in September and featured in the CRR suggested companies were resuming their operations and upbeat about the future.

“With a combined 63% of companies already operating at or above 60% capacity, 79% of business leaders expected their company to be operating above those levels by January 2021,” she said, adding, “Company revenue forecasts for the next 12 months are also encouraging, with 40% of respondents expecting returns to be steady and 25% indicating higher or much higher revenues.”

Continue Reading

Trending