The maiden small and medium enterprises (SMEs) Africa summit, opened in Accra with a call on SMEs to utilise technology, trade, inventions and the exchange of knowledge as a tool towards continental development.

Mr Yaw Asamoah, Chief Executive Officer (CEO) of Creative Trends, marketing, publishing, an advertising and event management firm, said the absence of tools, and weak partnership access in Ghana and Africa at large are major hindrance to businesses in the continent.

“It is high time SMEs contribute in knowledge, technology, trade, inventions to the world, and this should be done with finesse towards Africa’s development,” he said.

The event organised by Creative Trends, brought together a cross section of people, including SME owners, entrepreneurs, bankers, telecommunication groups, to initiate discussions on businesses and its correlation in changing societies as well as the fortunes of the masses.

The three days summit which is on the theme: “Small Companies Big Impact,” seeks to promote science in the approach of a new project discourse of responsibility, values, ideals and standards.

Mr Asamoah, said as a result of the dysfunctional ways societies are getting day by day, entrepreneurs are becoming people of substance rather than form.

“Our philosophical underpinnings are getting shallow by the day, we fall short of defining what our common values, ideals, and standards are, in short we have stopped thinking.”

Enumerating some of the challenges confronting SMEs, the CEO of Creative Trends noted that in Ghana and to a large extent Africa, the peculiar challenges of businesses which include infrastructure, human capital, advisory services, and credit researches are retarding developmental growth.

Mr Martyn Mensah, Chief Executive Officer, UT Group hailed the event, as timely since it presents an opportunity for needed opinions and concerns to be expressed especially when SMEs are major entities in every country’s development.

He said in Ghana SMEs are group of individuals who recognise opportunities where others see chaos, hence they make up the average businesses worldwide and promote employment, growth as well as development.

He said in Ghana SMEs are made up of 92 per cent of all businesses and companies registered, and also employs 60 per cent of the labour force.

Mr Mensah advised SMEs to acquaint themselves with the necessary measures of boosting their businesses and develop abilities that would help them detach themselves from their companies and make it function towards the country and Africa’s development.

Values Driven Nation, which aims at changing the discourse and redefining common values, ideals and standards and Future Focus People that links likeminded businesses and business executives to share ideas as well as do business together, form synergies and create an aspiration enclave were launched at the event.

The summit would expose the participants to major topics relating to the development and growth of SMEs in Africa, technology and infrastructure, succession planning and building of durable values.