SMEs advised to be transparent to secure financial support

Small and Medium Enterprises (SMEs) have been urged to be transparent in their dealings to access financial support from the government and other financial institutions.

An economist, Professor John Gatsi, who gave the advise explained that by transparency, SMES should be well organised, have a focus and establish strong leadership and management structures. 

He said in establishing strong management and leadership, the strategic plan of SMEs should be clear, adding that they also needed to develop a sustainable growth pattern. 

Speaking to Graphic Business in an interview on how SMEs can be sustainable and access financial support to enhance their growth and profitability, Professor Gatsi, who is also the Dean of the University of Cape Coast Business School, said should SMEs have a well-defined scope and were accountable enough, they would have easy access to financial assistance from the government. 

He added that SMEs should also establish a strong corporate governance structure.

“If SMEs have a defined working environment, their staffing and budget are clear, have a sustainable growth pattern, access to financial support will not be a challenge to them”, he noted. 

He said the transparency of SMEs  was not in isolation. It is linked to accountability,” he added.