SMEs need resilient strategies to grow – Esua-Mensah
Managing Consultant of Feniks Limited Pearl Esua-Mensah has challenged owners of Small and Medium-sized Enterprises (SMEs) to adopt resilient strategies to enable them to grow.
SMEs are major pillars of the Ghanaian economy, constituting over 90 percent of businesses registered in Ghana.
According to the Ministry of Trade and Industry SMEs comprise over 160,000 registered liability companies and over 350,000 registered sole enterprises, generating over 40 percent of GDP.
Experts have predicted that the future of Ghana’s economy rests on these small businesses but operational cost challenges have stifled the growth of most of these SMEs.
The rising operational costs have been triggered by high oil prices, a prolonged power crisis, increases in utility tariffs and the depreciating Cedi.
Speaking at the 2nd International Conference on Business Management and Entrepreneurial Development (ICBMED) organized by the University of Professional Studies (UPSA), Madam Esua-Mensah noted that these conditions have made SMEs vulnerable.
“It is important that we hammer home the importance of adopting resilient strategies, to perhaps provide practical ways for SMEs to adopt some of these strategies to ensure growth”, she said.
She is proposing diversification of products and services, improving productivity and the use of technology as some of the strategies SMEs can consider.
The conference was held under the theme, “Remaining competitive amidst rising cost of operations; the dilemma of SMEs.
It brought together both local and international experts in business management and entrepreneurial development to discuss trends, challenges and solutions with the aim to enhance the industry.
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