The Association of Small Scale Industries (ASSI) has described 2018 as a challenging year for SMEs.
At its Annual General Meeting, members of the association raised concerns over the high cost of doing business which they fear could cripple 50 per cent of SMEs if the government does not intervene.
National president of the association, Saeed Moomen said an emergency plan must be drawn to protect Small Scale Industries going forward.
“It’s very difficult to get loans from the banks and other things due to the high request for collateral. In the market itself, you can see the proliferation of goods been brought in Ghana to compete with goods already made in Ghana. With high utility tariffs we fear of possible collapse and severe challenges if care is not taken,” he said.
Responding to these issues, Fund Manager for the Business Sector Advocacy Challenge (BUSAC) Fund, Nicolas Gerara said the government is in the process of securing more funds to support the sector. According to him, even though the funds previously targeted small-scale industries in specific districts, a national reach will now be added.
The Association of Small Scale Industries is the apex body for micro and small-scale business associations in Ghana. The AGM brought together over 200 leaders of ASSI from across the country.