The Chief Executive Officer for the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has emphasized the need for Small and Medium Enterprises (SMEs) to gain incentives that will enable them to grow and become more competitive on the market.
Speaking on the on-air series of the ongoing Citi Business Festival on Monday 7th June 2021, on the Citi Breakfast Show, Mr. Grant cited training through education and building value as effective strategies for SMEs to stay relevant.
“Look for incentives that will allow you to compete and out-compete any foreigner in the market. Training is important, and understanding business is important. Removing entitlement and rather building value is very important, and that is why concepts like TVET and Free Senior High School policy are very critical for our transformation because, in the near future, the minimum education of the average Ghanaian will be High School Education.”
Another strategy Mr. Grant believes will help SMEs stand out is active participation in the local supply chain of foreign businesses.
“That is where I feel that we should immerse ourselves. It is less cost-effective than say ownership. If there is a [foreign] project that is 200 million dollars, it is very difficult for Ghanaians to own 51 percent, but if that business comes in, it is very easy for a Ghanaian to say that I can provide you with trucks or local components of raw materials because they are here,” Mr. Yofi explained.
His discussion centered on: “What Small and Medium Size Enterprises (SMEs) need to know about doing business in Ghana”
The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.
This year’s edition is hinged on five thematic areas, namely: “
Week 1: Digital Economy – Building a cashless society and the opportunities for business and job creation.
Week 2: Doing business in Ghana.
Week 3: AgriBusiness – Feeding Ghana with a sound import substitution strategy.
Week 4: Trade – AfCFTA: Opportunities for investment & Job creation in Ghana.
Week 5: Oil and Gas – The opportunities for indigenous businesses.
There will be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm for the entire month. for June.
The radio on-air series, from Monday to Thursday on the Citi Breakfast Show, is themed to correspond with the virtual fora.
The Citi Business Festival is sponsored by Absa Bank with support from IT Consortium and the Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.