Stanbic Bank boosts business growth with SME Clinics in Kumasi

In a bid to support and empower small and medium-sized enterprises (SMEs), Stanbic Bank has organized a series of SME Clinics in Kumasi. The initiative, which had the theme ‘Building Resilience in Businesses: Strategies for Sustainable Success’ intends to provide local businesses with expert financial advice, industry insights, networking opportunities and tailored banking solutions to enhance their growth and sustainability.

Head of Enterprise Bank at Stanbic Bank Ghana, Eric Tsiri, highlighted the importance of SMEs to the Ghanaian economy and the need to support them to succeed. He said, “Businesses today face numerous challenges, but within those challenges lie significant opportunities. As obstacles grow, so do the possibilities for businesses to adapt, innovate, and thrive.

This is why sessions like these are essential. Statistics clearly show that without SMEs, the foundation of our national economy would falter. Despite the difficulties, SMEs consistently demonstrate remarkable resilience, playing a critical role in sustaining and driving our economic growth.”

“We have brought together a team of seasoned experts, ranging from accounting and bookkeeping to risk management, all with extensive experience supporting SMEs. Our goal is to help you navigate challenges in today’s dynamic business environment. We are here to reinforce our collaboration and partnership with SMEs, empowering you to turn obstacles into opportunities and transform your aspirations into achievements,” Eric Tsiri added.

Hamza Mumuni, Manager of the Incubator, Enterprise Direct Propositions, Business and Commercial Banking at Stanbic Bank Ghana also spoke on the motivation behind the clinics. According to him, “We are here to strengthen the collaboration and partnership between Stanbic Bank and the SMEs we work with.

This initiative is a direct response to valuable feedback from the sector, aimed at equipping SMEs with the insights, skills, and resources necessary to thrive in today’s dynamic business environment.”

He continued that “At Stanbic Bank, we are deeply committed to supporting the SME sector because we believe in its immense potential to drive economic progress. We understand that access to financial resources and networking opportunities can make a significant difference in the growth and success of your businesses.”

Small and Medium Enterprises (SMEs) are, without question, the backbone of Ghana’s economy. Representing about 92% of businesses in the country, SMEs contribute roughly 70% to the nation’s Gross Domestic Product (GDP) and account for about 85% of manufacturing employment. They drive over 80% of the total workforce employed in this sector, particularly in rural and peri-urban areas, where they foster economic inclusion and resilience.

However, despite their critical role, SMEs continue to face significant hurdles that hinder their growth and sustainability. It is within this context that clinics aimed at enhancing the effectiveness and overall success of SMEs become critically important. The first of the series of the SME clinics was held in Kumasi with plans to hold more of such clinics in other regions of the country in the coming months.

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