Discover new opportunities amid economic crisis — Dr Arthur-Annobil
Dr Kweku Arthur-Annobil, Strategic Lead and Business Manager, at Stanbic Bank Ghana, has advised small and medium enterprise (SME) owners to manage their resources more efficiently to survive the current economic situation.
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He made this statement at the second edition of the quarterly Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel under the theme, ‘The Current Economic Situation and You: What to Expect, How to Cope, and How to Thrive’.
Speaking on the sidelines of the event, Dr Arthur-Annobil advised Ghanaians to look for opportunities that have emerged as a result of the current economic challenges.
“In the face of challenges and uncertainties, it is important that we look beyond the difficulties surrounding us and discover the opportunities available. If you look closely at your ecosystem, you will realise that these difficult times may have birthed a need among people that may become an opportunity for you,” he said.
Dr Arthur-Annobil further added that crises drove innovation, saying “Beyond the crises what are some of the problems that you can identify and solve? By discovering and finding a solution to the said problem, you will be able to expand your scope and diversify your revenue stream.”
The Strategic Lead and Business Manager of Stanbic Bank also advised SMEs and individuals to manage their resources efficiently to cope with the current economic climate.
“A number of SMEs have been strongly affected by the current economic crisis. I believe that in this situation it is important that SMEs review their operations and structure their activities towards more efficient options to avoid waste,” he said.
Dr Arthur-Annobil insisted that the current financial climate in the country did not allow for waste of any sort.
“One effect of these times is that there are constraints on almost everything. From your finances to your taxes and even your revenues there are constraints everywhere. You need to be as efficient as possible to navigate and survive this situation”.
“The same applies to individuals as well. Think carefully about what you want to use your money for and make sure that you only spend on necessary things,” Dr Arthur-Annobil stated.
The Graphic Business/Stanbic Breakfast Meeting is a platform designed to bring policymakers and the business community at large together to deliberate on pressing national issues.