Bank of Africa, Ghana, a member of the BMCE Group is upholding its commitment to boost economic development in Ghana by empowering up to 1,000 Small and Medium Enterprises through training and support services.
Bank of Africa is strategically positioned to provide crucial support to the many SMEs who are unable to meet the requirements of financial institutions.
In Kumasi, Customers of the Bank and prospects were offered a free two-day seminar.
This intensive financial training predominantly engaged women entrepreneurs and brought together stakeholders from diverse business backgrounds within the SME sector.
The seminar was strategically designed to address key challenges facing SMEs in today’s dynamic economic landscape and offered actionable opportunities to mitigate these challenges.
Participants were taken through financial management skills, positioning for access to funding, profitability improvement amongst general business management skills.
The sessions were led by very interactive and insightful facilitators.
In his opening remarks, Managing Director for Bank of Africa Ghana, Mr. Abderrahmane Belbachir emphasized the vital role of SMEs in driving economic growth and in bridging the unemployment gap.
He urged participants to capitalize on the training to enhance their capabilities, improve their financial management skills to be better prepared to access credit facilities from the Bank and ultimately boost their growth and profitability.
“While we understand that access to capital is vital, we also believe that sustained business success requires strategic know-how. To this end, our programme is designed to equip you with actionable skills and knowledge,” he said.
Participants engaged in focused group sessions aimed at providing practical insights into key areas for SME success.
These interactive sessions fostered a collaborative learning environment where participants actively engaged with facilitators through questions and shared experiences, facilitating valuable networking opportunities.
The training exposed existing and prospective customers of BOA to effective strategies for boosting profitability, optimizing cash flow, implementing effective working capital management, and leveraging the power of savings and investments.
These practical modules are designed to equip businesses with the skill- set required to navigate the complexities of entrepreneurship and unlock their full potential.
Mr. Charles Oteng, Head of SMEs at Bank of Africa, noted that, “even though some SMEs merit loan facilities, their inability to keep records in a scientific way or poor documentation makes it difficult for banks to support them. However, through this training, we expect that the businesses will now be better prepared to approach the banks for credit facilities,”
In August 2024, the maiden edition of Bank of Africa’s SME seminar was held in Accra, with a special focus on women-led businesses and sustainable ventures.
Meanwhile, as part of measures in complementing Ghana’s agenda to promote women-led businesses, the Bank is set to introduce a women’s banking desk at their various branches across Ghana.
Mrs. Leila Pentsil, Head, Marketing and Corporate Communications, underscored the bank’s commitment to empowering local women entrepreneurs.
“We are urging women to Dare to Aspire. We are giving more opportunities to access facilities, information, and training with the bank. We are also building a deeper relationship with these women-led businesses. When women lead, it is strong and resilient thus, we are happy to host and support them,” she said.
Additionally, the bank reiterated its commitments to supporting business growth through competitive interest rates on loan facilities, efficient transfer services, digital banking solutions such as the BOAWeb, BMobile and other tailored financial solutions.
22nd Annual Ashanti Awards
Bank of Africa’s significant contribution to economic and sustainable development coupled with its pursuit of excellence was recently recognized with a Gold Award in Universal Banking at the Ashanti Financial Services Excellence Awards held in Kumasi as part of the activities marking the Asantehene’s 75th Birthday celebrations.
