International Finance Corporation (IFC), a member of the World Bank Group has announced a new agreement with Advans Ghana Savings and Loans Limited to expand access to the Business Edge training program in Ghana.
The program will help entrepreneurs gain the skills needed to succeed and supporting small business growth in the country.
The agreements will allow 240 Small and Medium Enterprises (SMEs) to access world-class management training, run more efficient businesses and improve staff productivity.
In a statement issued and copied Daily Express by IFC Ghana office said Business Edge is an important part of IFCs strategy to support smaller businesses in Africa. The interactive product has already helped more than 100,000 entrepreneurs in emerging markets improve their skills and profitability.
Mary-Jean Moyo, IFC Country Manager for Ghana, said, "IFC places high priority on encouraging entrepreneurship in Ghana, which is supported by new partnerships and the expansion of the Business Edge solution. More robust small and medium enterprises are critical to creating jobs and generating growth for Ghana."
It stated that support for Business Edge is part of a broader effort by IFC to support the conditions for smaller businesses. Through efforts to encourage efficient and effective regulation in areas such as licensing, registration and taxation, IFC and its partners aim to improve entry points and other building blocks for small business success.
To improve access to finance, IFC collaborates with local financial intermediaries that enable SMEs to grow their businesses with affordable and tailored credit and investment.
Inadequate access to finance constrains growth of small and medium businesses in Ghana and hinders job creation. Only 22% of all Ghanaian firms have access to a line of credit, a figure that falls to 13% among smaller companies.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. IFC help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.
In 2012 fiscal year, IFC investments reached an all-time high of more than US$20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.