The Multimedia Group and Invest In Africa (IIA), a group that empowers local businesses to grow, have signed a Memorandum of Understanding (MOU) to support Small and Medium Scale Enterprises (SMEs).
The MOU is expected to help the IIA and Multimedia push for policy dialogue on local content and the promotion of SMEs competiveness in Ghana and share applicable lessons of SMEs development and good business practice from the African Partner Pool.
It is also to leverage existing networks to build capacity and promote the transfer of knowledge and skills to local businesses from the business linkage programme.
A release issued on Wednesday said the IIA’s vision was to empower local businesses to grow the Ghanaian economy and address major challenges which had led to three out of five SMEs often failing after two years of operation, according to statistics.
It quoted the Ghana Manager of IIA,Mr Sam Brandful, as saying a cross-sector partnership of companies with the vision to creating thriving economies, had been set up to give businesses access to skills, finance and new markets.
This is done through its key initiatives; the African Partner Pool (APP) an online business platform that connects international companies to quality validated local businesses.
The release said another initiative of IIA is the Business Excellence Programme, a combined Development Partners & Private Sector funded programme with the aim of building businesses to become more competitive.
It noted that the Multimedia Group has, over the past couple of years, been using the media platform to facilitate and boost recognition for entrepreneurship programmes and SMEs through its flagship project, The JoyBusiness Van.
The release quoted the CEO for Radio & Digital Media, Multimedia Group, Ekyi Quarm, as saying: “The time has come for media to do more to support the growth of industries through such partnerships.
“It has been proven globally that SMEs are the back bone of most thriving economies, such as the UK and Germany. In Ghana, the BASTIAT report shows that 92 per cent of companies registered in the country are micro, small and medium scale enterprise.
“According to the study, 85 per cent of SMEs offer employment in the manufacturing sector, whilst 75 per cent of them contribute to GDP.”
The release said the Multi Media Group joined the cross sector group of partners that IIA worked with including Newmont Mining, Tullow Ghana, AB & David Law, General Electric, Millennium Development Authority, Ecobank, UT Bank, Guinness Ghana, and Societe Generale.