To withstand the current economic hardships, Absa Bank has pleaded with small and medium-sized businesses (SMEs) to modify their operations and give liquidity a first priority.
Under an exchange scheme that was completed earlier this month, the nation has made considerable strides towards restructuring its domestic debt. Moreover, talks for an IMF rescue package are in progress. But, until it is finished, the economy will continue to experience difficulties as seen by high inflation, an unstable exchange rate system, and high-interest rates, all of which are detrimental to enterprises.
Kobla Nyaletey, Executive Director for Retail and Business Banking at Absa Bank, stated that "businesses need to survive the pre-IMF time and re-set their operations to succeed during the following phase" at an engagement session organised for its SME clients in Accra. cost control, a straightforward strategy for The key will be operations and a focus on bringing early income into their firms.
"In uncertain times, liquidity reigns supreme. As the economic troubles pass, businesses that create regular cash flow, have minimal receivables and diversify their business models instead of depending heavily on high-value contracts will endure and even prosper.
The SME clinic's topic, "Survive and Thrive: techniques for unpredictable times," attracted nearly 200 clients. Also, it was the bank's clients' first in-person SME interaction since the COVID-19 outbreak.
Audrey Abakah, Head of SME Banking and Partnerships at Absa Bank, reaffirmed the bank's commitment to creating a learning platform for SMEs to develop their ability and advance their expertise in financial management in her opening remarks. She gave participants advice to additionally use their customer care expertise to turn their customers into gratis net boosters.
As part of the engagement, the SME enterprises underwent several hands-on training courses, including credit line utilisation, cost line management, and liquidity management.
To help SMEs obtain access to the Bank's specialised capacity-building programme, which strives to educate and support small companies to run strong and sustainable firms, the Absa SME Clinic was established. It also gives clients and the Bank a platform for direct connection.
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