The HFC Bank Ghana Limited has opened its 23rd branch at Agona Swedru in the Central Region, with a call on the private sector to fully embrace the modern banking practices and business culture existing in the competitive international business environment.
"Small and Medium scale Enterprises (SMEs) have not realized their full potential because there is still a de-linkage from the banking community", Mr Charles Ofori-Acquah, General Manager, Business Development, noted in his
inaugural address.
He said the major barrier to rapid development of the SME sector, was not a shortage of bank support but rather a limitation on the part of enterprises to fully embrace modern banking practices and business culture.
The Swedru branch of HFC Bank is the second after the Kasoa branch in the Central Region and follows on the heels of the Tarkwa-Maakro branch
which was inaugurated last week in the Kumasi Metropolis.
Mr Ofori-Acquah spoke about the difficulties that SMEs faced in accessing credit to sustain their businesses and explained that the HFC Bank
was sensitive to those challenges, hence its presence at the doorsteps of the private sector across the country.
The Agona Swedru area is noted for the vibrant commercial activities of the private sector there.
Mr Ofori-Acquah urged the banking community to extend more credit facilities to the productive private sector to boost both domestic and international trade.
Records at the Registrar General's Department indicate that 90 per cent of registered companies are SMEs, identified as a catalyst for economic growth, and a major source of income and employment.
The Managing Director of the HFC 'Boafo' Micro-finance Services scheme, Dr. Joseph Adjei, explained the operations of 'Boafo' and said the scheme had unveiled five products with which to assist in the growth of SMEs to expand their businesses.
He said in collaboration with the Informal Sector Fund of SSNIT, 'Boafo' was poised to help self employed contributors of SSNIT to grow their
businesses.
A pilot scheme has already started in Accra and Koforidua and would in due course be rolled out in all HFC Bank branches across the country.
The Sanaahen of Agona Swedru, Nana Badu Ahuren, cut the tape to formally open the Swedru Branch.