By Michael Foli Jackidy
Ho (V/R), Aug. 13, GNA – The Association of Ghana Industries (AGI), in collaboration with the Microfinance and Small Loans Centre (MASLOC), has organised a training programme for small and medium-sized enterprises (SMEs) in the Volta Region to strengthen their bookkeeping, financial management and business record-keeping skills.
The programme, held in Ho, was on the theme: “Empowering SMEs with Access to Financing and Sound Bookkeeping.”
The training formed part of AGI’s efforts to equip SME operators with the knowledge and skills required to improve business governance, maintain accurate financial records, and enhance their ability to access credit and other financing opportunities.
Dr Kofi Nsiah-Poku, President of the AGI, said poor governance and inadequate record-keeping remained major challenges confronting many SMEs across the country.
He said engagements with SME operators nationwide had revealed that many business owners either kept incomplete records, were unaware of the status of their debtors and creditors or depended largely on memory to track business transactions.
“Some are keeping records in their head, and some of them don’t even take their sales or revenue to the bank. So even if they want to access any credit facility, they don’t have the right records or bank statements for the banks to review what they are doing,” he said.
Dr Nsiah-Poku noted that AGI had therefore embarked on a nationwide programme to train its SME members in sound governance and proper bookkeeping practices to make them investment-ready and better positioned to access financing for business growth.
He said the initiative was particularly relevant as AGI collaborated with stakeholders to support the Government’s 24-hour economy agenda, especially in agriculture and agro-processing.
According to him, businesses that maintain proper financial records would be better placed to take advantage of financing opportunities and incentives that may be introduced to support enterprise expansion.
Mr Dela Gadzanku, AGI Vice President in charge of SMEs, commended the Association’s President for initiating the programme, describing it as a practical intervention aimed at strengthening businesses, particularly those owned and managed by women and young entrepreneurs.
He stressed that access to credit remained critical to the sustainability and growth of SMEs, adding that AGI had chosen to fund the initiative through its internally generated resources rather than relying solely on donor support.
“This is one of the practical ways our President wants to grow and help our businesses grow. Access to credit, not only finance, is key to our sustainability as a business,” he said.
Mr Delali Gbeve, AGI Regional Chairman for the Volta, Oti and Eastern regions, said SMEs remained an important driver of Ghana’s economic development through employment creation, wealth generation and support for local communities.
He urged businesses to move beyond survival and build sustainable and competitive systems rooted in sound governance, financial accountability, and effective bookkeeping.
“A business may have a good product, dedicated employees and a growing customer base, but without sound governance, proper financial accountability and effective bookkeeping, it can struggle to understand its true financial position, make informed decisions or attract the financing needed for expansion,” he said.
Mr Gbeve encouraged SME operators to embrace continuous learning and adapt to changes in the business environment, noting that accurate record-keeping, accountability and sound governance would position their businesses to withstand challenges and take advantage of emerging opportunities.
He expressed appreciation to AGI headquarters, MASLOC, the facilitators, and other stakeholders for supporting the programme.
Mr. Gbeve further urged participants to apply the knowledge acquired by transitioning from informal business practices to structured management systems capable of supporting long-term growth and sustainability.
Some participants who spoke to the Ghana News Agency expressed satisfaction with the training, saying it had enhanced their understanding of bookkeeping and financial management and would enable them to maintain proper records and improve their chances of accessing credit to expand their businesses.
GNA
Edited by Maxwell Awumah/Lydia Kukua Asamoah