SMEs in Ghana supported to live beyond first generation

The Institute of Directors - Ghana, has inaugurated a Small and Medium-scale Enterprises (SMEs) Mentoring Committee to ensure speedy implementation of the Institute's SMEs Sustainability and Mentorship project.

The move forms part of the strategic efforts of the Institute to ensure SMEs in Ghana live beyond their first-generation and able to respond to risks and uncertainties in the business terrain.

The Committee, chaired by Mr Ken Ameovi Gbeve, had other members as Mr Benjamin Mensah, Kaaka Dello-Ziem, Mrs Mary Asare-Yeboah, and Madam Rejoice Wodomdedzi Foli.

It will provide mentorship and training for SMEs to enable them to put in place the appropriate corporate governance structures, business growth and sustainability systems to make them survive beyond their first generation.

The objective is to provide a structured approach towards SME development through mentoring and training as well as establish a structured mentorship certification scheme to train and certify mentors and mentees to deliver their services sustainably.

Mr Rockson Dogbegah, President of the Institute expressed gratitude to the Committee members for accepting to lead the project and urged them to execute their duties effectively.

He said the urgency for attention to SMEs development was heightened by the COVID-19 pandemic, which was forcing people to move very quickly to find creative and innovative ways for business survival.

Mr Dogbegah said the time had come for an immediate and deliberate focus and attention for SME development and growth through strategic capacity development and funding support, adding that “support for the development of SMEs cannot be postponed further."

He was grateful to BUSAC Fund and its developmental partners – DANIDA and USAID for supporting the scheme development and appealed to all stakeholders and donors to support in funding the implementation of the project.

The project was birthed in May 2019 at an International conference organised by the Institute of Directors Ghana in collaboration with the International Finance Corporation (IFC) and African Corporate Governance Network (ACGN) in Accra.

At that event, President Nana Akufo Addo who was the Special Guest of Honor represented by the Minister of Business Development Ibrahim Mohammed Awal charged the Institute to continue to champion the development of SMEs.

He noted that though SMEs contributed significantly to the country's Gross Domestic Product (GDP), they were unable to live beyond their first-generation and needed help.

Mr Ken Ameovi Gbeve, Chairman of the Committee expressed gratitude for the opportunity to be drivers of the strategic project and pledged support and commitment to ensure successful execution of the project.

At the end of the project, there will be the establishment of SMEs development mentorship scheme, and mentorship certification system for mentors and mentees.