GIZ GATHERS INDUSTRY PIONEERS FOR EXCLUSIVE FINANCE FORUM IN ACCRA.

 In a concerted effort to empower and drive economic growth in Ghana, several esteemed foundations and organizations, including Employment and Skills for Development in Africa (E4D), the German Agency for International Cooperation (GIZ), and The Tony Elumelu Foundation, joined forces to host a crucial Access to Finance Policy Dialogue. This event, conducted as part of the Women Entrepreneurship for Africa (WE4A) Entrepreneurs Project, tackled the pressing issue of reducing the cost of capital for micro, small, and medium-sized enterprises (MSMEs).

Event Details:

Theme: Reducing the Cost of Capital in Ghana

Date: October 24th-25th, 2023

Location: Alisa Hotel in Accra

GIZ, a prominent driver of this initiative, orchestrated a high-level Access to Finance Forum, which brought together key stakeholders, including industry practitioners, transaction advisors, investment firms, and their representatives. The primary goal was to address the challenges that MSMEs encounter in accessing the vital capital needed for their growth. GIZ's involvement underscores its dedication to advancing economic progress in the region.

The Access to Finance Policy Dialogue featured a panel session where experts and participants engaged in insightful discussions, shedding light on the various factors that often hinder SMEs from securing the funding they require. It became evident that multiple reasons contribute to this challenge, including the nature of their services, the absence of structured data systems, and other unique characteristics of these enterprises.

One significant revelation during the session was the role of financial mismanagement in denying SMEs access to essential financial resources. Attendees received valuable guidance on the importance of seeking technical assistance when reaching out to potential donors. The session also emphasized the significance of adhering to the necessary regulations to ensure that business owners and entrepreneurs are not hindered in their pursuit of growth.

This enlightening event was co-moderated by the distinguished Bernard Avle, who added his expertise and perspective to the dynamic discussions.

Private sector partners present at the dialogue included JA Venture Capital, Golden Mainland Ghana Ltd, ASH, and LeadAfrique, underscoring the active involvement of key players in the business community.

Notably, the Access to Finance Policy Dialogue attracted a distinguished array of participants, including the European Union (EU), the Organisation of African, Caribbean and Pacific States (OACPS), and the German Federal Ministry for Economic Cooperation and Development (BMZ). Their presence signifies a global commitment to supporting Ghana's economic development.

The event also enjoyed the patronage of local institutions and agencies, such as the Ministry of Trade & Industry, Ghana Enterprises Agency, Ghana Standards Authority, and Foods and Drugs Authority, all of whom play pivotal roles in shaping the country's business landscape.

The Access to Finance Policy Dialogue was an all-encompassing gathering, featuring the expertise and insights of various organizations and individuals. The Tony Elumelu Foundation (TEF) was well-represented, with the participation of TEF Alumni and Exhibitors, TEF Female Alumni, and TEF Hub Network.

The media actively participated, with a substantial presence of eight media organizations, both in print and electronic formats. They provided extensive coverage of the Access to Finance Policy Dialogue, ensuring that the insights and discussions reached a broad audience.

This event was a testament to the collaborative spirit of organizations and individuals dedicated to fostering economic growth and supporting the entrepreneurial spirit of Ghana. With the lessons learned and insights shared, the future holds promise for MSMEs in the country as they strive to reduce the cost of capital and expand their horizons.

The two-day session was well-attended, with participants who have benefited from funding and mentorship sharing their experiences and opportunities. An exhibition of products and businesses was also featured, and dignitaries were duly acknowledged. Participants had the opportunity to network, further enhancing the value of this important event.  

Profile of Writer

Samuel Elijah Boateng is an accomplished writer at Lumière Creatif and a digital marketing consultant. His writing style is approachable yet insightful, allowing readers to easily grasp complex concepts. 

He continues to make a significant impact in the field of leadership through his writing, consulting, and speaking engagements. He is a proud alumnus of the University of Cape Coast. Lumierecreatif@gmail.com