The Deputy Minority Whip, Jerry Ahmed Shaib, has called on financial institutions to play a more active role in supporting local businesses to drive job creation and economic growth.
Speaking on the second day of the Kwahu Business Festival on 5 April, Mr Shaib underscored the critical role of the financial sector in nurturing indigenous enterprises and unlocking their potential.
“The role of the financial sector in the growth of indigenous businesses cannot be overstated. For our economy to succeed, we must ensure that financial institutions play a more proactive role in supporting local enterprises by creating the opportunities that will allow these businesses to grow and ultimately contribute to job creation on a national scale,” he said.
He stressed the need for financial institutions to rethink their approach to lending, particularly in relation to small and medium-sized enterprises (SMEs), many of which are led by young Ghanaian entrepreneurs.
“It is imperative that the financial sector adjust its approach, becoming more attuned to the needs of small and medium-sized enterprises, particularly those led by young Ghanaian entrepreneurs. We must bridge the gap between access to finance and entrepreneurial potential by developing financial products and solutions tailored to the specific challenges faced by our local businesses,” he added.
According to Mr Shaib, aligning financial services with the realities of local enterprises would help build sustainable and innovative industries capable of transforming the economy.
“By doing so, we will cultivate industries that are sustainable, innovative, and grounded in the realities of our local context. This shift will help transform the business landscape, making local enterprises the backbone of our economy and key drivers of job creation,” he stated.
His remarks form part of broader discussions at the festival aimed at promoting entrepreneurship, strengthening local industries, and positioning Ghanaian businesses for long-term growth.
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