The Ghana Enterprises Agency/ Business advisory Centre (GEA/BAC) in partnership with Mastercard Foundation, held a training program for forty (40) participants of the Nkosuo loan Association members from 30th to 31st January, 2023. The program was designed to improve the financial literacy and small business management skills of small and medium-sized enterprises (SMEs) as part of the COVID-19 Recovery and Resilience Program. The main objective of the program was to help Nkosuo loan members develop a better understanding of financial management and improve their small business management skills. The program aimed to empower SMEs to effectively navigate the challenges posed by the COVID-19 pandemic and support their recovery and growth.
The 2-day program was focused on a specific aspect of financial literacy and small business management. The topics covered included basic financial management, accounting principles, budgeting and cash flow management, marketing and sales, and risk management.
The program was well received by the participants, who expressed their appreciation for the valuable information and guidance provided. They found the sessions to be informative and engaging. The participants also expressed their gratitude for the opportunity to network with other SME owners and learn from their experiences. Out of joy and knowledge acquired, the participants exhibited their experience and skills through demonstrations and practical work as a prove of the new skills gained.
The training program was a great success. The participants gained valuable insights into financial management and small business operations, and they are now better equipped to navigate the challenges posed by the COVID-19 pandemic. The Ghana Enterprises Agency and Mastercard Foundation are to be commended for their efforts in supporting SMEs during this challenging time.
The first day of the training focused on revenue mobilization and coding, whiles participants were taken through the procedure involved in writing Reports, Minutes and Records management. The facilitator, Ms. Akua Antwi from the Bono Regional Cordinating Council took participants through the updated procedures of records management and encouraged the staff to make good use of the training.
It is recommended that similar programs be held in the future to continue to support the growth and development of SMEs in Ghana. Additionally, it would be beneficial to provide on-going support and resources to the participants to help them continue to grow and succeed in their businesses.
