Business News of Tuesday, 14 January 2020
Source: Chris Koney, Contributor
Stakeholders consisting of players in the private sector, policy makers and representatives from government agencies in the small and medium-sized enterprises (SMEs) have adjudged “Tuesday Market” by the Ghana Export-Import Bank (GEXIM) as the best SME Development Initiative.
Commending the GEXIM for using the “Tuesday Market” platform to create awareness for Made-In-Ghana products and harnessing their potential for exports, most stakeholders advocated for the building of capacities of small and medium-sized enterprises to improve their standards to enable them compete on the global market.
Elaborating on the motive for the initiative, Mr. Lawrence Agyinsam, the Chief Executive Officer of the Ghana Export – Import Bank indicated that the “Tuesday Market” project is positioned to showcase the businesses and also serve as a revenue generation platform.
“The Tuesday Market is a novelty from GEXIM Bank to showcase the SMEs we are financing. For Ghana to become an export led economy, then we think the SMEs hold the future of the country. It is therefore important to let the populace know how creative our SMEs are and the need to know what they are doing and patronize them”, he added.
Commenting of the “Tuesday Market”, Ms. Rosemary Archer, Head, International Co-operation of Ghana Export – Import Bank who is directly responsible for the initiative said “among other things, this unique platform is to help SMEs to be able to add value to their products. We thought to offer a platform to champion the adoption of the right packaging, appropriate branding and the requisite marketing needed by the small and medium-sized enterprises to scale up into the next level”.
Held once a month, GEXIM organized seven editions of the “Tuesday Market” in 2019 with almost two hundred businesses in participation. It was an opportunity for the businesses to showcase their well packaged products for the export market, improve their network as well as receive financial and advisory support.
The “Tuesday Market” will continue in 2020 with the Ghana Export-Import Bank continuing with its advisory efforts to encourage more value addition and offer financial support to improve various stages of the value chain and provide capacity building.
Notable achievements following the introduction of the “Tuesday Market” include the creation of market access for some exhibitors, provision of an avenue for trading among exhibitors, improved packaging of products, product awareness and innovation. The success of the “Tuesday Market” led to GEXIM’s partnership with the Ghana Tourism Authority to organize the “Year of Return” market in August 2019.
The Ghana Export-Import Bank was established by the Ghana Export-Import Bank Act 2016 (Act 911) to support the Government of Ghana’s quest for a feasible and sustainable export led economy with the vision of becoming a strong financial institution that will be a key engine in the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade.
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