The Institute of Directors (IoD-Ghana) has initiated a multi-stakeholder discussion to leverage on the strengths of the “matured” corporate entities to guide Small and Medium-sized Enterprises (SMEs) through mentoring schemes.
This has become necessary as the Institute seeks to enhance the practice of good corporate governance among SMEs to survive beyond their first generation in partnership with the International Finance Corporation (IFC) and African Corporate Governance Network (ACGN).
Importantly, since the development of SMEs thrives on good corporate governance principles and practices, it has become imperative to revolutionize the business environment and stimulate the appropriate policies necessary for growth and innovation, IoD-Ghana asserts.
In effect, there is global concern that SMEs are not living beyond their first generation whiles there is also an indication that big corporate entities in Ghana and other African countries are unable to upscale to extend their operations beyond the shores of the continent.
Speaking with the Goldstreet Business during the Institute’s second international conference on corporate governance in Accra last Friday, President of IoD-Ghana, Rockson Dogbegah noted that there is the need to develop appropriate systems to support the growth and development of SMEs.
“SMEs must seek for knowledge and be ready to invest in knowledge acquisition. Sustainability of SMEs will require the recognition and acceptance of a value creation machinery which goes beyond the status quo by embracing radical reforms including looking beyond short term value creation methods to a long term approach in an integrated manner to contribute significantly to business growth”, he reiterated.
The Deputy Minister of Education, Dr. Yaw Osei Adutwum, who represented the Minister of Business Development, Dr. Ibrahim Mohammed Awal, said in the quest to regularized the corporate space, there was the need to create skilled manpower through education.
There are more than 44 million SMEs on the African continent and to ensure growth and competitiveness in the sector, the International Finance Corporation – an investment partner – has indicated its readiness to increase SMEs investment in Africa to harness their potentials.
The conference was organized on the theme: Optimizing the growth of SMEs whiles globalizing big corporates: The role of good corporate governance.
Source: Goldstreet Business
