Presidential Staffer Rex Omar is urging financial institutions to move beyond traditional lending models and provide more technical support to Small and Medium-Sized Enterprises (SMEs) in the country.

Speaking in an exclusive interview with GhanaWeb Business on the sidelines of the Kwahu Business Forum, Rex Omar emphasised that while access to capital remains critical, many SMEs face even greater challenges in managing and growing their businesses effectively.

He stressed that without adequate guidance, financial literacy, and strategic mentorship, loans alone are not enough to ensure sustainable success for these businesses.

“What is the meaning of banking? Banking is not just giving somebody money. Because as for giving them money, that is your job. But the actual work is, how do you assist this good idea to make it formal and bankable, so that you can guide the people from one step to another? That is what we call technical support. Because in most cases, people with business ideas, it's not everybody who has a good business idea who has been to school. And this is a young person who has started a business,” he explained.

He continued, “As a banker, if the idea sounds good and viable, then you need to have your technical support to help them develop the proper documentation and guide them so they can grow. That is how bankers should operate. But in Ghana, it got to a point where it seemed like banks were only interested in putting your money into their companies and making profit from it.”

Omar, who serves on various creative and business development platforms, highlighted the growing disconnect between financial institutions and the operational needs of local businesses.

He urged banks to develop innovative programs tailored to the practical realities faced by entrepreneurs, especially in Ghana’s informal sector.

SP/MA



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