News Column

Ghana : IFC Increases Training Capacity to Support SME s in Ghana

May 30, 2014

IFC, a member of the World Bank Group, announced today an expansion of its support for the business sector in Ghana through an initiative to increase the capacity of trainers to provide non-financial services to financial institutions, large projects and other corporate partners. The effort contributes to shared prosperity by supporting dynamic smaller businesses to grow faster and expand employment

In support of improved services, IFC, with Business Edge partners in Ghana, completed a training program earlier this month that prepared 15 new trainers to support local SMEs. The program focused on financial institutions and banks that are eager to improve product offerings to SME clientele through non-financial services, such as business planning, marketing management and access to information. IFC is creating partnerships with consulting firms Cicada Consulting Ltd, Rainbow Consult and EDC Consulting LTD, which combined deliver business skills training through 30 Business Edge trainers.

Business Edge is an interactive learning program that offers skills training to help managers increase their knowledge and run more efficient businesses. As an important part of IFC s strategy to support the growth of smaller businesses in Africa, the product has already helped more than 100,000 entrepreneurs in emerging markets improve their skills and profitability.

Samuel Akyianu, Senior Operations Officer specializing in support for African SMEs, said, Supporting smaller businesses through financial institutions is a major focus of IFC s SME work in Africa. A stronger small business sector will help foster employment and inclusive economic growth. IFC will continue to provide tools and best practices to local trainers that enable them provide quality training partnerships with banks, financial institutions on large projects to deliver Business Edge training in Ghana.

To improve access to finance, IFC collaborates with financial intermediaries that enable SMEs to grow their businesses with affordable and tailored advisory support and suitable financing. Inadequate access to market knowledge and standards constrain access to finance and growth of small and medium businesses in Ghana, and hinders job creation. Only 22 percent of Ghanaian firms have access to a line of credit, a figure that falls to 13 percent among smaller companies.

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Source: TendersInfo (India)

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