Ghana Export Promotion Authority (GEPA) has engaged local banks and owners of Small and Medium Enterprises (SMEs) in an open forum.
The forum was intended to bring SME owners into contact with leadership of the commercial banks for them to discuss best ways to secure funding for the export business.
The event which was held at the Lancaster Hotel (former Golden Tulip Hotel) in the Ashanti regional capital, brought together various stakeholders in the Ghanaian export industry, particularly those in the Ashanti region.
Deputy CEO of the Ghana Export Promotion Authority, Samuel Dentu addressing the media at the forum said the industry can experience the needed growth if members have easy access to funding.
He indicated that export production deficit is a major challenge of the Ghanaian export business.
He explained that most SMEs are not able to meet market demand due to funding challenges.
Samuel Dentu said the forum was therefore intended to serve as a platform for industry players to find means of addressing resource mobilization challenges that GEPA members face in the export business.
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He observed that GEPA as a non-commercial entity can only provide technical and administrative support to members.
According to the CEO, commercial banks are often reluctant to issue funding to local export businesses due to the fear of risks.
He observed most SMEs do not have the right structures in terms of management and professional accounting procedures that guarantee their future sustainability.
The Deputy CEO said the banking sector has a major role to play in finding solution to the country’s low export production capacity.
Samuel Dentu advised business owners to adopt good management and accounting practices to enable them meet bankers funding requirements and expectations.
He stressed the need for the banking industry to also take interests in the operational activities of their SME clients.
He argued that banks stand to benefit from good foreign exchange returns if they develop solid partnership and assisted their export clients to be on track and thrive.
