Elitrust Finecone Ltd, a Ghanaian consulting firm dedicated to development, is building the capacity of young entrepreneurs and providing them with essential skills to sustain their businesses.
Ghana’s Small and Medium Enterprises (SMEs) contribute to more than 60 per cent of jobs created in the private sector, hence the need to train them in the SME Loop to ensure they get the adequate orientation to improve their businesses.
Mr Gabriel Kofi Ayiglo, Management Consultant of Elitrust Finecone, said this in an interview with the Ghana News Agency at the launch of the German International Cooperation (GIZ) Small and Medium Enterprises business training and coaching loop (SME Loop) in Accra on Saturday.
The SME Loop is a comprehensive experiential learning approach developed and tested by GIZ in 2014 in Sierra Leone and Benin and adapted to the Ghanaian context.
It was commissioned under the GIZ Agric Biz Programme, which focusses on mind-set/attitude, skills and knowledge development.
Mr Ayiglo said SMEs played a significant role in the economy, formed about 85 per cent of all businesses within the private sector, and contributed 70 per cent of the Gross Domestic Product (GDP).
A successful SME Loop consist of six phases; assessment of business, training needs, business diagnostics and profile, International Labour Organisation (ILO) standards, formation of competency-based entrepreneurs, and the GIZ programme experiences in working with SMEs.
Coaching is also given at the entrepreneur’s own business facility to enable him or her to solve problems and set up enterprise development plans among other things.
The training would start in February this year in three regions: Volta, Greater Accra and Eastern, which would last for nine months, Mr Ayiglo said.
The GIZ Agric Biz Programme will provide certificates to all participants after completion of the training.