Stanbic Bank Ghana is taking decisive steps to enhance the resilience and growth of small and medium-sized enterprises (SMEs) with the launch of its SME Clinic initiative.
At the Tamale edition of the SME Clinic, Farihan Alhassan, Head of Business and Commercial Banking at Stanbic, emphasized the critical role SMEs play in Ghana's economy, reiterating the bank's dedication to supporting long-term, sustainable business success.
Held under the theme 'Building Resilient Businesses: Strategies for Sustainable Success,' the SME Clinic is part of Stanbic Bank's ongoing efforts to empower entrepreneurs with the essential knowledge, tools, and networks needed to thrive in today's challenging economic landscape. The Tamale event follows the success of the inaugural clinic held in Kumasi in August.
Addressing the gathering of business leaders and entrepreneurs, Farihan Alhassan highlighted the significant impact of SMEs both globally and locally. 'According to the World Bank, SMEs account for 90% of businesses worldwide and provide more than 50% of employment globally. Here in Ghana, SMEs contribute around 70% of our GDP and make up 92% of all businesses,' he stated. He also noted the challenges SMEs face in Northern Ghana, where over 50% of new businesses fail within their first five years.
Farihan Alhassan noted that Stanbic Bank's SME Clinic aims to address these challenges by providing a platform for entrepreneurs to engage in critical discussions on business strategies, including financial management, technological innovation, market diversification, and sustainable practices.
A key highlight of the event was Stanbic Banks focus on overcoming the financing challenges SMEs face. Central to this effort is the Stanbic Incubator, which provides affordable funding for SMEs in sectors such as agriculture and renewable energy.
Farihan Alhassan further noted the role of the youth in agricultural innovation, stating, 'The Stanbic Incubator is poised to help young people embrace agribusiness as a profitable career path. Despite its vast potential, the Agric sector remains untapped, especially by the youth.'
With agriculture contributing around 20% of Ghana's GDP and employing over 40% of the workforce, the Stanbic Incubator aims to modernize the sector by equipping young agripreneurs with Agri-Tech solutions. In addition, the bank is supporting the development of renewable energy start-ups to promote long-term sustainable growth.
Fraihan Alhassan concluded by stressing the importance of collaboration and resilience in business. 'The future of our economy depends on the ability of our SMEs to withstand global challenges. Through the SME Clinic and the Stanbic Incubator, we are committed to providing businesses with the tools they need to navigate these challenges and succeed.'
Source: Ghana News Agency