{"id":141617,"date":"2024-01-22T09:03:26","date_gmt":"2024-01-22T09:03:26","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/22\/inadequate-funding-hampers-smes-capacity-to-tap-into-eu-market\/"},"modified":"2024-01-22T09:03:26","modified_gmt":"2024-01-22T09:03:26","slug":"inadequate-funding-hampers-smes-capacity-to-tap-into-eu-market","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/22\/inadequate-funding-hampers-smes-capacity-to-tap-into-eu-market\/","title":{"rendered":"Inadequate funding hampers SMEs\u2019 capacity to tap into EU market \u2013"},"content":{"rendered":"

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Team leader at Compete Ghana Technical Assistance, Nicholas Gebara, has highlighted that small- and medium-sized enterprises (SMEs) face challenges in meeting the substantial demands of the European Union (EU)\u00a0market\u00a0<\/strong>due to a shortage of financial support and technical expertise.<\/p>\n

\u201cIt is quite challenging when a client from the EU makes a big order; most SMEs are not able to meet such demands since they produce in relatively small quantities,\u201d he said.<\/p>\n

He urged small- and medium-sized enterprises (SMEs) to organize themselves effectively and establish robust structures to meet the market requirements of the European Union (EU). Emphasizing the need for increased collaboration between the government and the private sector, he suggested that such partnerships are crucial to enabling SMEs to capitalize on export opportunities within the EU.<\/p>\n

Mr. Gebara highlighted that this collaborative approach would facilitate capacity building, providing easier access to financial support and training for SME owners.<\/p>\n

These concerns and recommendations were shared by the team leader during discussions with journalists at the closing ceremony of the Compete Ghana Programme.<\/p>\n

Funded by the EU through the Ghana-European Interim Economic Partnership Agreement (iEPA), the Compete Ghana Programme aimed to enhance the capabilities of 40 traders from both large\u00a0companies<\/strong>\u00a0<\/strong>and SMEs. The initiative sought to encourage participants to leverage the benefits of the iEPA.<\/p>\n

The program operated at two levels: firstly, at the institutional level, it focused on building the capacity of public institutions to streamline regulatory frameworks related to the iEPA. Simultaneously, it guided the private sector in meeting the requirements and maximizing the benefits of the agreement. The second level involved working directly with the private sector to promote the advantages available to them and encourage local exporters to seize export opportunities to the EU under the iEPA.<\/p>\n

The iEPA agreement between Ghana and the EU commenced in 2016 with the objective of establishing a more competitive trading relationship between the two entities.<\/p>\n

Under this agreement, EU companies gained the ability to trade and invest in Ghana, producing goods for export to the broader African market. The elimination of tariffs on intermediary goods and machinery from the EU under the iEPA resulted in more affordable inputs for Ghanaian production.<\/p>\n

Deputy Minister for Trade, Oheneba Nana Ama Dokua Asiamah-Adjei, commended the Compete Ghana Programme, stating that it exemplifies the power of partnerships in enhancing trade capabilities and fostering sustainable development opportunities.<\/p>\n

\u201cThe Compete Ghana Programme has been instrumental in promoting innovation, enhancing competitiveness and creating a conducive environment for business to thrive,\u201d she highlighted.<\/p>\n