Business in Ghana

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A Regulator’s Dilemma: Market Dynamics v 3rd Parties

Posted by Business in Ghana on October 17, 2010

By Sydney Casely-Hayford.

At a recent SME conference hosted by the accounting body, ACCA and the Enterprise Development Service (EDS) of the University of Ghana Business School (UGBS), Retired Captain Budu Koomson from UT Financial Services and UT Bank, explained his version of SME recalcitrance, which makes access to finance and support to the sector problematic at the best, but certainly not impossible.

Some important bottlenecks identified by a thirteen-year practitioner, grouped into 3 pillars.  Government, SME’s and Banks.  Poaching from the Retired Captain’s notes, out of the 6 anchors under Government, we can blame our leaders, who have not put together a regulatory framework with strong institutions to support SME’s.  The Banking environment anchors around 5 points including a chaotic environment and latent mistrust of the SME sector.  But SME’s themselves are faulted for various cultural practices and social (extended family and friends) pressures.

And this is where our problems emanate. Read the rest of this entry »

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