Increased Finance needed to grow SMEs – Stanbic Bank CEO urges

Alhassan Andani, the Managing Director of Stanbic Bank Ghana Limited is advocating for increased finance from banks and a well thought through policy for small and medium enterprises (SMEs) to help them advance to become giant businesses.

Speaking at the GRAPHIC BUSINESS/Stanbic Bank Breakfast meeting at the Labadi Beach Hotel in Accra, on the theme ‘Building a national equity fund to support SMEs, Mr Andani said although SMEs are critical to the success of the Ghana and Africa in general, they are handicapped by a series of challenges with access to finance being

According to him, though banks have and other finance houses in Ghana have tried to support SMEs, the support is not enough and that more must be done if Ghana want the SMEs to transform into huge business.

With regards to the fact that, Ghana and Africa are yet to produce a strong international business brand. The Stanbic Bank CEO said the financial institutions in the country and the continent as a whole, need to pay specific attention to the growth and welfare of SMEs in Ghana and Africa at large.

Meanwhile in a related story published by Ghanatalksbusiness, Alhassan Andani has earlier advised that generally Commercial banks by nature are not structured to fund startups.

ALSO READ: Commercial Banks not structured to support Startups- Alhassan Andani

According to him, considering how easy startups collapse worldwide, Commercial banks are very careful and selective when it comes to financing startups.

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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