A new event designed to help businesses, especially Micro, Small and Medium Enterprises and traders, and individuals to make informed decisions about their money transactions opened in Accra Tuesday.
Dubbed "Money Show," the three-day event showcases Ghana's financial services industry at a time when impending acquisitions, multiple branch roll-outs, new regulations, floatations and other developments affecting the industry are taking place.
The exhibition is the first to be organised in Ghana by EXPO Promotions.
The event is under the theme, "Managing Your Money Matters." On the opening day of "Money Show," new small businesses geared for expansion took part in a counseling seminar. "I want to explain how Oikocredit responds to the financial and non-financial needs of micro-finance institutions, Small and Medium Enterprises, co-operatives and other groups. We can provide loans in foreign and local currencies, credit lines, guarantees and equity participation as well as technical assistance," says Ms Muriel Edusei.
The second day of the exhibition will feature a traders" forum for petty traders, spare parts dealers, importers, used clothing peddlers, tailors and dressmakers, hairdressers and artisans.
The participants at the forum will be taken through how to access micro-credit, short term loans and other valuable financial services from banks and other institutions ready to offer low threshold high yield accounts, Automated Teller Machine cards, instant money transfer, SMS texting and other innovative and technology-based services.
A series of short presentations will be given by business experts and specialists on suitable products for over 30 exhibitors. Supported by Ecobank and the International Finance Corporation, "Money Show" features Angel Data Telecom, Ghana Stock Exchange, Amourest, IC Asset Management, SAS Finance Group, The Consumer Bureau, Unique Trust Financial Services, Western Union, among others.
The organizer of the show, Tim Gros, said EXPO Promotions created the event to bring sellers of financial services together with a whole new bunch of potential buyers with money to spend on securing their long term financial future.
"Billboards, newspaper advertisements and awards ceremonies have their place in promoting the financial institutions. But the small businessman or trader wants to know what products are on offer that may benefit his business. He may not have the time or may even feel intimated [sic], to sit in front of the branch manager of a strange bank or insurance company. He wants to compare like with like under one roof in a business-like but friendly environment," Mr Gros states.
A seminar was organised as part of the "Money Show" to inform and educate participants about financial and other opportunities available for operators in the MSMEs industry, students and members of the public. Ms Frances Adu Mante of Ecobank said the bank’s credit to MSMEs stood at $68.266 million by March this year, registering a growth of 23 percent.
Ms Mante said the bank loaned out about $55.268m to the sector in 2005. She said the bank has 24 branches with well-trained staff and 44 ATMs country-wide which provide MSMEs timely and quality services. The services include guarantees, short and medium term loans, leasing financing, mortgages and deposits such as call time and fixed deposits as well as purchase of Government treasury bills.
The co-ordinator of the International Development Association/IFC/Government of Ghana MSMEs project, Francis Kusi said MSMES constitute 92 percent of registered businesses in the country, adding that 87 percent of MSMEs are in the informal sector. Mr Kusi said MSMEs employ 30 percent of the labour force but contributes just six percent of Gross Domestic Product.
He said MSMEs drive the economy and the IDA/IFC/GOG project was designed to solve the problems of the industry in an integrated way, adding that the total cost of the project is $118.9m. The IDA contributed $45m, IFC put in $40m and GOG’s contribution is $32m.
The objective of the four-component project is to enhance the competitiveness of MSMEs to increase the level of employment in the sector. The components include access to finance; access to market, trade facilitation and development; business environment; and implementation, monitoring and evaluation.
The Statesman : Business : Money expo to help MSMEs grow faster
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