In Ghana, the private sector is dominated by Small and Medium-sized Enterprises (SMEs) with a little over 90% of the market share, according to the Registrar Generals Department.
A research report by Ghanaweb, also shows that SMEs contribute an estimated 70% of Ghana’s GDP and make up approximately 85% of labour in the Ghanaian manufacturing industry.
Although SMEs have the potential to contribute greatly to national development, it is rather unfortunate that the majority of them are saddled with numerous challenges that hinder them from expanding and growing as businesses, leading to their eventual collapse.
Some of the major challenges faced by SMEs are lack of funding and inadequate infrastructure.
As part of the commitment to create value across the country, Stanbic continues to offer support to SMEs across the country.
The Volta Region is one of the places with high potential for SME’s and business growth. In recent years, the region has launched initiatives to draw business and expose local businesses to opportunities for growth.
Since Stanbic Bank began operating in the region in 2008, the bank has demonstrated its commitment to helping SMEs in the region grow with tailor-made solutions.
A number of entrepreneurs in the region have attested to the immense support received from the bank and how it is helping transform their business outlook for the better. Mrs. Gloria Abio, the General Manager of Amenuveve Sogbor Company Limited, an SME which deals in the distribution of beverages in the region, shared how the bank had assisted them in scaling their businesses.
She said, “When Stanbic first came to the Volta region, we were one of the first people to partner with them.
At the time our business began expanding, we noticed that our previous bank could not meet the services we needed. We needed working capital to continue to grow our business but we were not getting it.
When we joined Stanbic, they received us warmly and gave us the capital we needed to continue our business and grow it as well.”
“Honestly, if Stanbic did not come through for us when they did, I am certain that our business would have collapsed. We are still here today because of them. I am truly grateful to them for their support to us.” she added.
Ms. Linda Katsriku, Accountant for Rich Citi Mobile Enterprise in Ho, Volta Region, also shared how Stanbic helped them grow their business.
“When we started the business, we really needed financial support to grow. All the other banks we went to were not ready to help us but when we went to Stanbic they quickly provided us with the facilities we needed. With the help of Stanbic, we have continued to grow as a business and we are very grateful to them.
Their loan facilities have really helped us to solve a lot of financial challenges which could have crippled the business. We are indeed grateful to them”, she noted.
Mrs. Malwine Amenu, the Branch Manager for Stanbic Bank Ho, discussed some of the challenges faced by SME’S in the region and shared the bank’s reason for lending a helping hand.
She said, “The greatest problem SMEs in this part of the country face is funding. At Stanbic Bank we always say, ‘Ghana is our home, we drive her growth.’ In driving Ghana’s growth, we realized that it was necessary to support local SMEs to grow. Stanbic has been in the Volta region since 2008 and during our time here we have contributed to the growth of a number of SMEs in the region.
We have done this by granting facilities such as SME Loans, working capital and overdrafts to support their businesses. We also provide bancassurance services to provide the SMEs with insurance for their stores and goods.
As a bank, we remain committed to providing these SME’s the necessary support they need to thrive as a business in any way we can.”
Creating value for all stakeholders remains an imperative objective for Stanbic bank as part of their mission to drive national growth.
The bank continues to provide the necessary financial assistance and accessible loan facilities to businesses across the country in need to show that with Stanbic, it can be.