3000 MSMEs To Benefit From Training To Improve Access To Financial Services
The Support to Private and Financial Sector (PFS) Programme has launched the Access to Finance Training initiative, targeting 3000 Micro, Small, and Medium Enterprises (MSMEs) across five selected regions in Ghana, Accra, Bono, Bono East, Ahafo and Ashanti.
Funded by the German Cooperation through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, this initiative aims to enhance the financial and business management skills of MSME owners and managers. By improving their understanding of financial management and risk management, the programme equips them with the knowledge and tools necessary for effective enterprise management and increased ability to access financial services.
The three-day training sessions will reach MSMEs from 15 selected trade associations in Ghana, with a special focus on women-led businesses and persons with disabilities. These sessions are designed to provide entrepreneurs with practical experience in financial and risk Management. The training topics were carefully chosen based on a detailed needs assessment conducted within these trade associations, ensuring that the content is tailored to address their specific challenges.
A press release from the PFS indicated that, at the end of the training programme, beneficiary MSMEs will have improved their capacity to manage their business well, improved their cash flow management, and are able to secure financing from financial institutions. The training will also empower the MSMEs to make more informed financial decisions and improve their access to financial products.
At GIZ, our goal is for MSMEs to make informed financial decisions that will enable them to access financial services. To complement these trainings, The PFS programme has also partnered with financial service providers to develop tailored financial products and services that will benefit these MSMEs. The training will equip them to access and effectively utilize these products and services when developed,” the release stated.
This initiative is a significant step toward empowering MSMEs in Ghana, helping them to overcome financial barriers and achieve sustainable growth. By the end of the programme, the participating businesses are expected to not only enhance their financial literacy but also significantly improve their access to the financial resources needed to grow their businesses and create more employment opportunities.
Despite employing approximately 85% of Ghana’s workforce, MSMEs face significant challenges in accessing finance. Many MSMEs in Ghana struggle due to their limited knowledge and understanding in key areas such as financial management, banking services, pensions and retirement planning, and risk management and insurance. These gaps hinder their ability to access financial services, limiting their business growth potential.
