Boosting access to finance: 3,000 MSMEs attend workshop
DESPITE employing approximately 85% of Ghana’s workforce, Micro, Small, and Medium Enterprises (MSMEs) continue to face significant challenges in accessing finance.
Many of these businesses struggle due to limited knowledge in areas such as financial management, banking services, pensions, retirement planning, and risk management.
These gaps hinder their growth potential, limiting their ability to access financial services that could help expand their operations.
To address this issue, the Support to Private and Financial Sector (PFS) Programme has launched the Access to Finance Training Initiative, targeting 3,000 MSMEs across five selected regions in Ghana, namely Accra, Bono, Bono East, Ahafo, and Ashanti.
Funded by the German Cooperation through Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, this initiative aims to enhance the financial literacy and business management skills of MSME owners and managers.
The programme focuses on improving the MSMEs’ understanding of financial management, risk management, and other crucial enterprise operations.
By equipping business owners with these essential skills, the training seeks to boost their ability to secure financing from financial institutions, which is often a major challenge for small businesses in Ghana.
The three-day training sessions will reach MSMEs from 15 selected trade associations, with a particular focus on women-led businesses and persons with disabilities. The content of the sessions is designed to be practical, providing participants with hands-on experience in financial and risk management.
A detailed needs assessment conducted within these trade associations informed the training topics, ensuring that the sessions address the specific challenges faced by Ghanaian MSMEs.
By the end of the programme, it is expected that beneficiaries will have improved their business management capacity, enhanced cash flow management, and be better equipped to secure loans and other financial products.
According to GIZ, the ultimate goal is for MSMEs to make more informed financial decisions that will improve their access to financial services. In addition to the training, the PFS Programme has partnered with financial service providers to develop tailored financial products specifically designed to meet the needs of these MSMEs. Once the products are developed, the trained businesses will be better positioned to access and utilize them effectively.
This initiative represents a significant step toward empowering MSMEs in Ghana, helping them overcome financial barriers and achieve sustainable growth. By the end of the programme, participating businesses are expected to not only improve their financial literacy but also significantly enhance their access to the financial resources needed to scale their operations and create more employment opportunities.
