GIPC urges SMEs to draw on synergies
The Ghana Investment Promotion Centre (GIPC) is urging Small and Medium Enterprises (SMEs) to join the various trade associations in the country so that they can derive the benefits these associations present.
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Aside from the business opportunities these groups present, SMEs, by their membership, can also build their capacity which will be beneficial in the long run.
The Chief Executive of the GIPC, Mrs Mawuena Trebah, who gave the advice, said the GIPC would subsequently use its regional sensitisation tours to speak to SMEs all over the country to consider this move.
“I may want to encourage the SME community to look at collaborating and joining some of the trade associations, for example, the Chamber of Commerce and Industry because that adds credibility to the packaging of your business and it is something that we will be very happy to speak to individual SMEs about when we embark on our regional sensitisation tours,” she said.
She was speaking at the Graphic Business- Fidelity Bank breakfast meeting in Accra on the theme, “The Role of SMEs in Ghana’s Economic Development.”
SMEs, according to her, played a crucial role in achieving both industrial and economic development and as a result, there was the need to engage both policy makers and relevant stakeholders on how to develop the sector.
“If you look at some of the statistics on SMEs and the contribution they are making to Gross Domestic Product (GDP), we are taking a view that we have to closely engage the National Development Planning Commission (NDPC) and policy decision makers as we execute investment promotion interventions,” she said.
Promoting domestic investments
The GIPC, she said, was equally committed to promoting domestic investments, explaining that from a regulatory perspective, their mandate transcended from just promoting foreign direct investments to equally attracting local investors to some projects.
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“One of the things we do is to support SMEs to look at ways in which they can develop their internal systems and structures to make a more compelling business case to either a financial institution or a potential business partner,” she added.
She explained that in driving investments from a regulatory perspective, the GIPC was required to collaborate across various institutions to deliver the right proposition, adding that “by that, we are looking at ways in which we can properly package the micro, medium and small enterprises to ensure that we deliver that right proposition,”
She said the GIPC was facilitating interactions between academic institutions and the private sector in a bid to step up efforts aimed at growing a broad base of Ghanaian professionals to step into some of the emerging job opportunities.
Attracting right investments
The GIPC CEO also highlighted the need for investments in the country to yield relevant returns in terms of job creation and economic development.
“We have a strong view point at the GIPC; if the investments do not translate into development, then we shouldn’t be doing it. That means for every kind of investment no matter how small, we must have a full appreciation of how many jobs it created, and what sort of economic impact it will make from a medium to long term perspective,” she added.