Western Regional Minister, Kwabena Okyere Darko-Mensah has assured that the Government was committed to ensuring safety in the financial sector and business industries thereby safeguarding businesses for mutual benefits.
He said the recent happenings in the banking sector should be a clarion call on all banks to adhere to the regulations that govern the sector and their work as bankers and also places a call on them to bring their innovations to bear to satisfy the unique requirements and demands of customers.
He also urged all business operators in the country to take advantage of the Government’s initiative of transforming Ghana’s economy through digitalization, especially in the banking system.
Mr Darko-Mensah made the call at a Small and Medium-Sized Enterprises (SMEs) Business Clinic organised by the CAL Bank and FOCUS 1 Media aimed at inculcating specific knowledge in Digital Finance, Taxation, Bookkeeping and benefits of Insurance to SMEs in Ghana.
He said the challenges of COVID-19 were daunting but have also opened significant new opportunities through technology and globalisation as businesses were massively bouncing back in form through digitisation and the adoption of new business ideas and approaches.
“As we all know, today, the world faces dramatically new and challenging circumstances. The COVID-19 precisely has brought far-reaching social, economic and geopolitical implications on countries and their economies”, he pointed out.
He hinted that the significance of SMEs in the Ghanaian economy cannot be overemphasised as a recent report made by the World Bank indicated that SMEs make up around 80% of organisations in the economy, contributing massively to Ghana’s GDP.
However, he added that the report also featured that organisations that were impacted the most by the COVID-19 pandemic were the SMEs.
He divulged that proper bookkeeping gives businesses a reliable measure of their performance and creates a platform for strategic decisions and benchmarks for its revenue and goals.
“Understanding taxation primarily is to raise revenue for the services and income supports the community needs. And SMEs insuring their businesses certainly reduces financial uncertainty and make accidental loss manageable”, he contended.
Mr Darko-Mensah also urged all managers and business owners to empower their employees since their customer service and employees were their frontlines by making available the needed and the right resources to provide exceptional customer services.
He further impressed upon the business owners to resolve the need to bring exceptional qualities on board to put energy into their work, individually and collectively for the achievement of organizational goals as the year approaches its end.
He commended the organisers of the event which was very essential to business growth in the Western Region and urged participants to take advantage of this opportunity to deliberate on critical issues to have a successful Business Clinic.
Mr Darko-Mensah indicated that the collaboration to address critical issues facing the SMEs in the region amidst the COVID-19 pandemic indicated quality approaches that were vitally needed to build a better future for businesses.
“I believe if we bring onboard initiatives like these to support SMEs, an avenue will be provided for improved internal and external controls in the business world”, he emphasized.