Solving funding needs of SMEs will curb unemployment in Ghana – Prof. Aryeetey

Business News of Sunday, 29 January 2017



PROF. ARYEETEY1Professor Ernest Aryeetey

Former Vice Chancellor of the University of Ghana, Professor Ernest Aryeetey has advocated innovative measures in meeting the funding needs of Small and Medium Enterprises (SMEs) in the country.

Professor Aryeetey argues that the country could significantly reduce the alarming unemployment rate should SMEs grow and create more jobs for the teeming unemployed youth.

He made the remarks at the third Flamingo awards by the Institute for Financial and Economic Journalists (IFEJ) in Accra last Friday. “…SMEs, when well-developed, can fill the unemployment vacuum the country is currently saddled with,” Professor Aryeetey asserted.

Professor Aryeetey also a former Director of the Institute of Statistical, Social and Economic Research (ISSER) further made a case for Ghana to streamline the activities of the microfinance sector. He argues that the regulation of the microfinance sector would be more workable if linked to larger financial institutions like banks, as practiced in other countries such as Sri Lanka and Kenya. Famous Kwesi Atitsogbe was adjudged the Best Financial and Economic Journalist of the year.

He also won the awards for the Best in Tourism and Best in Microfinance/Rural Banking and SMEs. Famous gets the opportunity to attend the World Bank Spring meetings in Washington DC, USA as part of his award for the overall best Financial and Economic Journalist. He also received an Ipad.

Other winners at the awards ceremony were; Kwabena Adu Koranteng who took home the Best in Extractive and Rebecca Adwoah Awuah, Best Business and Manufacturing. The rest are Maxwell Akalaare Adombila, who took best in Agribusiness, Adnan Adams Mohammed, Best in Finance, and Kwabena Adu Koranteng, Best Development. The theme for this year’s awards ceremony was “Strengthening Micro Finance Institutions to enhance the growth of rural and micro enterprises.”