Prof. Dodoo calls for dialogue on financial barriers stifling growth of MSMEs

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The Chief Executive Officer (CEO) of the Ghana Standards Authority (GRA), Prof. Alex Dodoo believes Micro, Small and Medium Enterprises will thrive and compete favourably on the market if financial barriers hindering them from having access to specific resources are removed.

Citing an example to support his claim, Mr. Dodoo said some unfavourable policies introduced by the African Continental Free Trade Area (AfCFTA) agreement had complicated the processes of certification and registration of some companies.

“Look at the AfCFTA, the requirements are stiff. Some companies have complained that the cost of certification or registration or meeting the requirements is too high. My take is that let us begin to have a national conversation.”

“It will be a terrible mistake if our companies are not able to trade because of financial barriers that prevent them from accessing certification or registration or any other state-mandated role. That conversation should happen,” Mr. Dodoo stressed.

Mr. Dodoo was speaking on the on-air series of the Citi Business Festival on the theme: ‘Your MSME and standards’ when he made those remarks.

Standardization

Mr. Dodoo also stressed the need for MSMEs to be conversant with standardization in their business, given the critical role it plays in making profits.

“MSMEs require the knowledge and awareness that there is a standard. Every businessman wants to make profits, and will play by the rules if they know about them.”

About the Citi Business Festival

The Citi Business Festival is a comprehensive month-long program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.

The virtual business fora are live on Citi TV every Tuesday from 11:00 am to 1:00 pm.

The radio on-air series is themed to correspond with the various virtual forums at 9:20 am every weekday.

The Citi Business Festival is sponsored by Absa Bank Ghana with support from IT Consortium and the Ghana Investment Promotion Centre (GIPC).

It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.

The Citi Business Festival began on June 1, 2021, and currently in its second week.



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