Several limitations continue to bedevil the success of Small and Medium Enterprises (SMEs) in Ghana, despite the sector’s huge contribution to the economy.
This seems to make it extremely difficult for individuals to venture into such businesses.
But on day one of the fourth week on Citi FM’s Effective Living Series, a management Consultant, Kofi Otutu Adu-Larbi, who spoke on how to start and manage the success of a business, mentioned that for businesses to attain their main roles of solving problems, creating jobs and income, and nurturing new ideas for national and social development, all actors within the business environment need to get everything right.
Mr. Adu-Larbi, who is also a lawyer and banker by profession, pointed out the following barriers both entrepreneurs and government need to break for SMEs to thrive:
- Land and property rights: Land is a landmine. The state must take over all lands in the country and release them for productive purposes. This will bring an end to the issues of land encroachment and litigation, land-guards and disputes. Progress will be made when land issues are solved.
- Change of mindset: There is the need for us to have a reorientation of how we think. We need to open our eyes and see the wealth creation opportunities around us. Ghana can make a headway when individuals have the can do spirit.
- Asses to capital: Everyone says there is no money, yet when there are social occasions and things of vanity money is everywhere. People do not have money for the most important things in life. Government must therefore provide money for SMEs. Individuals should take advantage of social interventions by government to get money and training.These initiatives must also get to the right kind of people.Government should as a matter of policy set aside money for long term purposes to assist SMEs annually.
- Taxation: Tax collectors should step up their game of making the tax regime more understanding, more friendly and less threatening. If we get the education on the tax regime right, we can get more money to assist the SMEs
- Asses to information: Enough information and data on business opportunities can aid individuals to plan their business and establish themselves. We should allow businesses to come together and network so they can put up a small research team to provide people with information on business avenue.
- Attitude towards work: The typical worker is unprepared and afraid to take initiatives. They need to be supervised to get work done. Some of them are usually not loyal. All of these need to change.
- Educational system: Our educational system unfortunately as inherited has not really encouraged the entrepreneurial spirit. Part of the problem unemployment is that, it can be solved if students are encouraged to experiment within the relatively small classroom and test their entrepreneurial activity before they leave school.
Citi FM’s Effective Living Series
The Effective Living Series airs from 9: 00am to 10: 00am on the Citi Breakfast Show from Monday to Friday throughout the month of January.
It seeks to empower people to be effective throughout the year in every aspect of their lives.
By: Nii Larte Lartey: citinewsroom.com| Ghana| [email protected]