Accra, Jan. 22, - Mr Alhassan
Andani, Managing Director of Stanbic Bank has cautioned up and coming small and
medium enterprises (SMEs) with business ideas not to rush to commercial banks
for financial assistance as they could stifle their ideas.
“Be careful who you talk to about
your business ideas, because people may come up with ideas that can change the
world, but it can be killed when they take the wrong approach by walking
straight to a commercial bank for financial support.
“The financial world has a wide
spectrum of actors with distinct roles and responsibilities. There are firms
who are into venture capital, commercial bankers, equity investors, and
business advisory services, so as an SME with a unique idea at the formative
stage, it is important to know the right player to serve your need,” he stated.
Speaking on a topic: “Innovative
Financial Service for Business and SME’s Development, at a symposium held at
the University of Ghana, Mr Andani suggested that SMEs looking for financial
support should use their limited resources; borrow from families or friends to
translate their dreams into reality.
The Commercial Banks will ask for
requirements like; collateral, business financial records over a period, “how
can a new SME trying to translate an idea into product or service meet these
benchmarks,” Mr Andani, who is also the President of Ghana Bankers Association
asked.
The Managing Director of Stanbic
Bank noted that Commercial banks were mostly interested in supporting
established businesses to scale up products and services and encouraged the youth
to take advantage of the low hanging fruits in the country especially in the
agriculture and service sector to reduce import and grow the economy.
“Is it not surprising and
disgraceful that we virtually import onions, eggs, chicken, mutton. You just go
to Nsawam road and you will see trucks from Burkina Faso bringing onions. Let
us take farming as a serious business and start producing the basic food we
need,” Mr Andani advised.
The President of Ghana Bankers
Association said the skills and competency to grow these basic high yielding
and profitable food stuffs were available, recommending the need to cluster
farmers to produce in turns so that they could supply all year round.
“I am a farmer, I grow maize,
rice and keep livestock so I know what I am talking about,” he said.
GNA
No comments:
Post a Comment