The Multimedia Group and Invest In Africa (IIA), have signed a Memorandum of Understanding, MOU, to support small and medium scale enterprises, SMEs.

With the signing of the MOU, it is expected that IIA and Multimedia will push for Policy dialogue on local content and the promotion of SME competitiveness in Ghana.

The will also share applicable lessons of SME development and good business practice from the African Partner Pool and leverage existing networks.

This is to enable them to build capacity and promote the transfer of knowledge and skills to local businesses from the business linkage programme.

IIA, a cross-sector partnership of companies with the vision to create thriving African economies, has been set up to give businesses access to skills, finance and new markets.

This is done through its key initiatives the African Partner Pool (APP) an online business platform that connects international companies to quality validated local businesses.

Another initiative of IIA is the Business Excellence Programme, a combined Development Partners & Private Sector funded programme with the aim of building businesses to become more competitive.

The Multimedia Group has, over the past couple of years, been using the media platform to facilitate and boost recognition for entrepreneurship programmes and SMEs through its flagship project, The JoyBusiness Van.

Signing the MOU on behalf of Multimedia the COO for Radio & Digital Media, Ekyi Quarm, said the time had come for media to do more to support the growth of industries through such partnerships.

The Ghana Manager of IIA, Sam Brandful, pointed out that, IIA’s vision is to empower local businesses to grow the Ghanaian economy and address major challenges which have led to 3 out of 5 SMEs often failing after 2 years of operation, as statistics have shown.

It has been proven globally that SMEs are the backbone of most thriving economies, such as the UK and Germany. In Ghana, the BASTIAT report shows that 92 percent of companies registered in the country are micro, small and medium-scale enterprise (MSMEs).

According to the study, 85 percent of SMEs offer employment in the manufacturing sector, whilst 75 per cent of them contribute to GDP.

The Multi Media Group joins the cross-sector group of partners that IIA is currently working with which includes Newmont Mining, Tullow Ghana, AB & David Law, GE, Millennium Development Authority (MiDA), Ecobank, UT Bank, Guinness Ghana, EY, GIPC, Modec Ghana, Societe Generale, AGI, AFDB, GIPC and FMO.