About 1,500 small and medium enterprises (SMEs) in the country are expected to benefit from a new business incubator project initiated by Stanbic Bank Ghana.
Known as Stanbic Business Incubator, the project is aimed at building strong SMEs to help accelerate the socio-economic development of the country.
According to the Head of Emerging Payments at the bank, Mr Patrick Quantson, the business incubator initiative is open to SMEs in the country.
He observed that a strong SMEs sector was important for the growth of every economy, advanced or developing.
In Ghana, more than 90 per cent of all registered businesses fall in this category with a similar proportion of the industrial sector making it into the category.
The sector is essential for several reasons including creating jobs, supporting the agricultural and primary commodities sub-sectors and also generating foreign exchange for the economy when a good chunk of the SMEs build up competitiveness and capacity to play in the global or regional marketplace.
Mr Quantson said Stanbic Bank as an organisation had identified the need to develop and nurture SMEs for them to contribute to the socio-economic development of the country.
“The business incubator project which is to serve as a corporate social responsibility arm of the bank. Therefore, we believe that there is a huge room for SMEs to be supported in order for them to contribute towards the growth of the country,” he added.
He observed that the business incubator project was expected to operate on five strategic pillars which includes ideation, incubation, acceleration, value chain, and financial inclusion.