In a significant move aimed at bolstering the growth and resilience of thousands of trade associations and Small and Medium Enterprises (SMEs), Access Bank Ghana has signed a Memorandum of Understanding (MoU) with Deloitte Ghana.
The partnership, announced on Monday 28th August, 2023, is set to usher in a new era of support for the SME sector, with a kick-start project dubbed ‘SME Business Interaction Series’.
According to data from Ghana’s Registrar General’s Department, 92 percent of businesses in Ghana are registered as MSMEs, and account for more than 70 percent of Ghana’s GDP. Despite their contribution, SMEs have long faced obstacles in their quest for growth due to factors including limited access to finance, quality technical assistance, and managerial expertise.
In recognition of the pivotal role SMEs play in the nation’s economy, Access Bank Ghana has committed to empowering them to be resilient. The bank embarked on a comprehensive approach to address the hinderances SMEs face by strengthening them through capacity-building clinics, workshops, business advisory services, networking opportunities, access to markets, and financial support.
Speaking at the MoU signing ceremony, Managing Director of Access Bank Ghana Olumide Olatunji said Access Bank has impacted over 170,000 SMEs within the past three years and seeks to reach more SMEs through the partnership with Deloitte Ghana.
“Today, Access Bank Ghana takes a monumental step forward by partnering with Deloitte Ghana, a renowned global institution in business strategy, financial management, and market analysis. The collaboration aims to empower over 10,000 SMEs across twelve business hubs throughout the country within the next year. Together, we aim to empower trade associations and SMEs with financial knowledge, skills and resources needed to not only survive, but also thrive in today’s competitive landscape. I believe this partnership will help us achieve more for the sector.”
Olumide also shared with excitement the various recognition the bank has received in 2023 because of its immense contribution to the SME sector. “Access Bank has received recognition from international awarding bodies for its immense support to SMEs. We have been adjudged Best Bank by Euromoney, Best SME Bank by Global Brands Magazine and World Economic Magazine in this first half of 2023. These are a testament to the impact we have made on SMEs these three years,” he said.
Country Manager of Deloitte Ghana Daniel Kwadwo Owusu welcomed the partnership, saying: “Partnering with Deloitte Ghana means partnering with the largest professional service firm in the world. We have the knowledge, we have the people, and we have the resources. I believe the time is right to make an impact that matters,” Mr. Owusu noted.
He was excited about the opportunity to support struggling businesses through the partnership and promised Deloitte would bring on board their rich expertise of global resources to ensure the partnership yields the desired results.
With this partnership, Access Bank Ghana and Deloitte Ghana are poised to make a lasting impact on the SME landscape in Ghana, fostering a stronger, more resilient sector that will drive the nation’s prosperity for years to come.
Operating from 18 countries in Africa, Asia, the United Kingdom, France and 700 branches and service outlets, Access Bank continues to build long-term relationships with customers based on trust, digital innovation and good customer service. The bank has developed a deep understanding of its customers over the years, delivering excellent services and empowering them to achieve more through financial education.
