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Business News of Tuesday, 16 June 2020

Source: GNA

Coronavirus: SMEs in Ghana asked to reposition to survive global impact

Small and Medium Enterprises (SMEs) in the country have been asked to strategically reposition themselves to mitigate the impact of the Coronavirus pandemic on their operations.

They should take advantage of technology and other innovative means to reach out to customers to stay in business and also ensure that the health and safety of employees are not compromised.

Mr Inuwa Musah, Executive Director of Confluent Media, organizers of the US – Ghana Business Summit who gave the advice, said the usual way of doing business would change significantly post COVID-19 and urged SMEs to take steps to embrace the new business environment.

Speaking in an interview with the Ghana News Agency (GNA) in Kumasi, Mr Musah said COVID-19 may have devastating effect on businesses but it also offers an opportunity for local enterprises to penetrate the international markets through technology.

“It is important for local businesses to take advantage of the current situation to market their products and services online and compete on the global stage”, he advised.

He said the pandemic has left in its trail a broken global economy which would take time to recover but businesses could make smart investment in strategic sectors to become global brands.

Touching on this year’s edition of the US-Ghana Business Summit, he said, his outfit was yet to settle on a date due to the coronavirus but was optimistic it would come off later this year in the United States of America (USA).

The annual event which is organized by Confluent Media in partnership with the Urban Entrepreneurship Centre of America provides a common platform for Ghanaian and American businesses to share ideas and explore business opportunities in the two countries.

It also seeks to promote partnership and networking between local enterprises and the business community in the diaspora with the ultimate goal of growing local businesses by exposing them to best practices in other jurisdictions.

Mr Musah said this year’s edition would be held at Brooklyn Center, Minnesota in the USA should the COVID-19 situation improve.

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