Former Chief of Staff Julius Debrah has emphasized that a significant number of Small and Medium Enterprises (SMEs) in Ghana falter due to insufficient guidance and advisory support.
Speaking on the hurdles faced by SMEs, Mr. Debrah pointed out that many promising businesses encounter difficulties or collapse prematurely due to a lack of proper foundational knowledge and access to expert advice.
Mr. Debrah shed light on the importance of the upcoming Kwahu Business Forum 2025, scheduled for this Saturday, April 19th. He explained the participation of key financial institutions like the African Development Bank and Exim Bank, noting the crucial role they can play in supporting SMEs.
“You know, the common refrain is always, ‘If you need support, go to the bank.’ However, many entrepreneurs may not even be aware that some financial institutions offer valuable advisory services beyond just loans,” he stated.
Mr. Debrah underscored the significance of these advisory services, which can guide entrepreneurs through critical initial steps, such as conducting thorough feasibility studies before launching a manufacturing business. He stressed that without such expert counsel, numerous SMEs are inadequately equipped for long-term viability.
“Many entrepreneurs believe they can succeed simply through their own efforts, and that’s a major reason why so many SMEs start and ultimately fail. They often lack the appropriate guidance right from the outset,” he added.
Mr. Debrah expressed optimism about the positive impact of the institutions participating in the Kwahu Business Forum, emphasizing their capacity to educate and provide essential support to entrepreneurs.
“I believe that the institutions attending the forum will provide valuable insights into the various ways they can assist the business community,” he said.
Mr. Debrah urged entrepreneurs in Adenta, the Greater Accra Region, and across Ghana to fully capitalize on the opportunities presented by the forum. He encouraged them to actively engage with these institutions, heed their advice, and align their business objectives with the available resources to enhance their chances of success.
