The workshop, which was held in Cape Coast with support from the Development Bank Ghana, was on the theme: “Fundamentals of Entrepreneurial Finance- What Every Entrepreneur Should Know.”

The 200 participants included businesswomen, fashion designers, hair dresses, sellers and business organisation.

Facilitators from various banking agencies and institutions gave presentations on “Cyber Hygiene,” “Agencies Banking” and “Entrepreneurial Finance.”

Addressing participants in the forum, the Zonal Head for Business Banking, Jones Darmoe, urged SMEs to adopt digitalisation to promote their businesses, as it was a key driver for the promotion and development of businesses.

SME contribution

Mr Darmoe said the contribution of SMEs to the country’s Gross Domestic Product (GDP) was enormous, explaining that the sector contributed over 70 per cent to employment in Ghana and over 60 per cent to GDP.

He said SMEs fair was held in Accra in partnership with the Graphic Communications Group Limited last year for more than 170 SMEs, for trading and networking, which he noted had impacted more than 60,000 entrepreneurs over the period.

Mr Darmoe explained that the bank had also provided funding solutions to SMEs through their Instant Business Loans, business advisory services and mentorship programme, in a bid to strengthen SMEs and ensure enhanced levels of access to credit facilities and other allied support.

The Director of Design and Thinking Innovation Hub at UCC, Dr Keren Naa Abeka Arthur, said the aim of the hub was to give students of the university an entrepreneurial mindset.

She said it was also to help students experience work life before they got there, to understand what it meant to do business in the real world.

Cyber security

Rosemond Addo-Sampong of Access Bank, who took the participants through cyber hygiene, said cyber security was no longer a luxury but a necessity for all.

She said it was critical for entrepreneurs, business owners and their stakeholders to practice cyber hygiene, to protect themselves and their establishments against malware attacks, data loss, identity theft, ransomware and reputational damage, among other dangers.

“Avoid using one password for all apps and websites and avoid sharing sensitive information on social media,” she said.

Experiences gained

In an Interview with Daily Graphic, a participant, Philomena Akua Serwaa Vicar, CEO of Destimena cosmetics, said the training had broadened her knowledge of how to manage her finances as a starter.

“I have learnt how to put down records of all transactions that I make and work on my financial statements, which I believe will make the business a success,” she said.

Stella Baah Dandson, a Caterer popularly known as Mama Africa, said she had been energised by the workshop and had learnt a lot on digital skills and entrepreneurial finance.

She was hopeful Access bank would organise the seminar annually to boost entrepreneurial skills to develop businesses in the country.