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Business News of Tuesday, 29 September 2015

Source: Graphic.com.gh

Fiaseman Rural Bank to develop MSMEs

THE Fiaseman Rural Bank at Bogoso, the capital of the Prestea/Huni-Valley District in the Western Region, has established a Micro, Small and Medium Enterprises (MSMEs) development department to develop such enterprises within its catchment area.

The new thrust of the bank is also to enhance business development and management skills of MSME operators; support micro enterprises to grow into small businesses as well as to aid operators to secure and manage funds for growth and expansion.

Giving an overview of the project at the official launch of the programme at Bogoso, the MSMEs Manager of the bank, Mr Gabriel Amua, noted that MSMEs formed the bulk of the private sector which was often described as the engine of growth in developing economies.

He said it was a global fact that for MSMEs to grow and operate profitably, they needed to be supported with both financial and non-financial needs.
Mr Amua noted that the development of MSMEs had been a major concern to the government, development partners as well as financial institutions.

Mr Amua observed that over the years, banks and non-banking financial institutions had focused on providing MSMEs with financial support, paying little or no attention to their non-financial needs, including managerial training and technical assistance, marketing linkages, access to quality input supply, technology and product development, interpretation of policies and regulations, among other services.

He explained that it was in view of these that ‘‘Fiaseman Rural Bank Limited has established MSMEs development department which will support MSMEs to address their non-financial needs to ensure their holistic growth and development.’’

The MSMEs Manager stressed that effective MSMEs development rested on the provision of both financial and non-financial support, ‘‘so in addition to the numerous financial products of the bank, it has carefully designed this programme so as to build the capacity of the MSME owners in the area by offering them technical and managerial skills in order to operate their businesses profitably and efficiently.’’

The Chairman of the Board of Directors of the Bank, Osagyefo Amanfo Edu V, noted that many businesses began in earnest at the small level and either died at that same level or failed to grow to the medium level due to the lack of proper business plans.

He said it was, therefore, the desire of the bank to provide the necessary assistance to small businesses to grow bigger to play their roles in the economy.