Access PLC, Graphic Business Holds Lecture On ‘Running Sustainable Businesses in a Challenging Economic Landscape’

The Access Bank PLC, in collaboration with the Graphic Business, W coronation, European Union, and Association of Ghana Industries, among other partners, has organised the Access Graphic Business SME Fair on the theme “Running Sustainable Businesses in a Challenging Economic Landscape.”.

The programme, which saw lots of industry players, was highly educational and informative.

Speaking on behalf of the Managing Director of Access Bank PLC, Olumide Olatunji,  the Executive Director in Charge of Retail and Digital Banking, Pearl Nkrumah indicated the importance of bringing the SMEs together in efforts to better understand their impact on the economy and, by extension, their readiness as a bank to assist in advisory and loan programmes.

According to her, not every SME must be given loans to thrive, saying “sometimes advisory services are equally crucial in helping them sustain their businesses in the short and long term.

She underscored the need for such fairs to serve as an avenue for proper interaction between SMEs, the bank, and other stakeholders in propelling Ghanaian SMEs to greater heights.

“SMEs play an important role in job creation, and their sustainability is important to the survival of many individuals they employ and their very livelihood. It is as a result of this backdrop that we at  Access together with partners, decided to use this fair to create the enabling environment for proper bookkeeping and other accounting elements needed to ensure the smooth run of their business,” she explained.

The Managing Director of the Graphic Communications Group also used the opportunity to inform SMEs gathered on the need to be resilient and engage in standard practices that are ingredients for wealth creation and expansion.

This, according to him, was the special element that would set them apart from other brands.

“Building resilience is a factor that can position your businesses on fertile ground and eventually lead to growth and expansion. I urge you all to seize this opportunity to learn, unlearn, and relearn in order to achieve your business targets,” he indicated.

A tax expert by name, Gideon Ayi-Owoo took his turn to address the gathering on some technicalities governing VAT and other taxes.

According to him, it was high time SMEs addressed themselves with proper bookkeeping and created a separate account for their business activities.

This, he opined, will exonerate them in the event that the Ghana Revenue Authority imposes certain outrageous taxes on them.

“Having the requisite knowledge on how your profits and losses play out will aid in paying the right taxes and be exonerated in the event where you sense an outraged tax from GRA as your returns will exonerate your business,” he noted.

For his part, the Professor of Finance and Information at the University of Professional Studies (UPSA), Professor Samuel Lamptey, encouraged participants to engage in business activities that solve customers needs.

According to him, there are businesses providing the same or similar services to customers. However, there should be a distinct factor that makes their businesses more appealing than others.

“It is imperative to engage in a business venture that sets you apart from other businesses operating the same or similar businesses as you,” he advised.