The Ghana National and Chamber of Commerce and Industry (GNCCI), says it is ready to support Small and Medium Enterprises (SMEs) with financial assistance to bolster entrepreneurial activities in the trade sector.
‘In today’s environment, access to credit for businesses, particularly SMEs, is severely constrained by intense competition with government entities in the domestic market, coupled with high lending rates resulting from the Central Bank’s continuous tight monetary policy, so it is imperative for stakeholders to provide financial support for small businesses’.
Dr Emelia Assiakwa, National Treasurer of GNCCI said, with access to capital, SMEs could invest in new technologies, training, and infrastructure, which could boost productivity and lead to new products, services, and business models.
She said financial support could also provide a buffer against economic downturns, allowing SMEs to weather challenges like reduced consumer demand or supply chain disruptions.
Dr Assiakwa was speaking at the
inaugural general meeting of the GNCCI co-operative credit union in Accra on the Theme: ‘A sustainable and Competitive Financing Option For Business and Personal Partner’.
She said the GNCCI co-operative credit union was not just financial institution, but a foundational element to foster economic growth, offering financial solutions and bolstering the entrepreneurial spirit that propels the business community ahead.
She said, due to high interest rates from banks and other institutions, SMEs cannot afford loans to finance their operations, hence, it led the GNCCI to collectively work to establish the credit union to provide sustainable and competitive financing options that serves as dependable partner for both business and personal need.
She added that, GNCCI had invested an initial amount of GHS 10,000.00 and paid its administrative costs to ensure the GNCCI Co-operate Credit union realized its vision.
Mrs Priscilla NA Botchway, Greater Accra Regional Director, GNCCI, said comparing one hundred thirty
five (135) credit union in Accra, and about 58 employees that were paid by the credit union, required the union to attain annual growth of 28 per cent.
She encouraged members to continue to support their operations because the minimum of their operative standard liability test is 20 per cent but scores 37 per cent which proved that members received financial assistance without stress whenever they required for financial services from GNCCI credit union.
She said GNCCI has remained faithful and have received the cooperative law which mandated them to stick to provide credit extension and investments for all.
GNICC elected and sworn in new substantive board and committee members to ensure that the union was led by a team of committed professionals dedicated to upholding the values and advancement of its vision.
Source: Ghana News Agency
