Banking institutions and Small and Medium Enterprises (SMEs) gather for a discussion organized by the German Association for Small and Medium-sized Businesses (GEPA).

Banking institutions and Small and Medium Enterprises (SMEs) gather for a discussion organized by the German Association for Small and Medium-sized Businesses (GEPA).

Ghana's Export Promotion Authority (GEPA) has organized a forum with commercial banks and Small Medium Enterprises (SMEs) exporting goods in the Ashanti Region, with the objective of boosting their capacity for the Africa Continental Free Trade Area (AfCFTA).

Despite consistent growth in Ghana's non-traditional exports, it has struggled to meet international demand. Consequently, concerns have been raised about the country's ability to maximize the opportunities presented by the AfCFTA.

Speaking at the forum, held under the theme 'Financial Resource Mobilisation: A Key Factor in SME Growth', Samuel Dentu, Deputy Director of Operations and Finance at GEPA, explained that the event aims to facilitate communication between banks and exporters, thereby enabling SMEs to gain access to necessary finances for expansion.

"Our financial institutions need to help us grow our businesses," said Mr. Dentu. "The Ghana Export-Import (GEXIM) Bank should collaborate with us and commercial banks to improve our export capacity. If we don't spur our stakeholders within the export ecosystem, we risk missing out on the AfCFTA's potential."

Mr. Dentu also stressed the importance of Ghana making significant efforts to support its SMEs and exporters to ensure they can fully leverage the market opportunities presented by the AfCFTA. "Ten years from now, we could be blaming the government for missed opportunities if other African countries fare better due to insufficient preparation," warned Mr. Dentu.

SMEs often refrain from approaching banks due to high costs, intricate requirements, and the need for collateral. GEPA hopes to bridge this gap through the forum, initiating conversations beneficial for both banks and exporters while also benefiting the country, Mr. Dentu explained.

While Ghana's exports have been growing, GEPA recognizes the potential for further expansion, particularly in light of international demand for Ghanaian products. By engaging SMEs and commercial banks, GEPA aims to improve production capacity and facilitate increased supply for existing demand, addressing an apparent gap in the country's non-traditional exports.

Previously, GEPA has conducted workshops focusing on digital marketing in the beauty and cosmetics industry and has pursued broader initiatives to train exporters, improve market access, and diversify exports. However, the Ashanti Region-specific forum represents an important regional effort aimed at enabling SMEs to thrive competitively within the AfCFTA.

1. The forum organized by Ghana's Export Promotion Authority (GEPA) intends to boost the capacity of SMEs exporting goods in the Ashanti Region for the Africa Continental Free Trade Area (AfCFTA), with a focus on financial resource mobilization as a key factor in SME growth.
2. Samuel Dentu, Deputy Director of Operations and Finance at GEPA, emphasized at the forum that Ghanaian financial institutions need to collaborate with SMEs and GEXIM Bank to help grow businesses and improve export capacity to maximize the opportunities presented by the AfCFTA.
3. Mr. Dentu pointed out that Ghana should make significant efforts to support SMEs and exporters to ensure they can fully leverage the market opportunities presented by the AfCFTA, to avoid missing out on potential growth in the future.
4. GEPA hopes to bridge the gap between SMEs and banks by initiating conversations beneficial for both parties, as SMEs often refrain from approaching banks due to high costs, intricate requirements, and the need for collateral.
5. GEPA recognizes the potential for further expansion of Ghana's non-traditional exports, particularly in light of international demand for Ghanaian products. By engaging SMEs and commercial banks, GEPA aims to improve production capacity and facilitate increased supply for existing demand, addressing an apparent gap in the country's non-traditional exports, especially in the Ashanti Region.

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