"Depoliticise support for SMEs \u2013 Prof Bokpin"

" Depoliticise support for SMEs \u2013 Prof Bokpin \r\n\r\nAn economist and professor of finance, Prof. Godfred Bokpin, has said the state must put aside politics and be intentional on lending support to Small and Medium Enterprises (SMEs) to enable them leapfrog into viable global and continental giants.\r\n\r\nProf. Bokpin was speaking on the first panel at the 11 th Ghana Economic Forum in Accra yesterday, and said: \u201cThe state must be intentional, and must have a plan in addition to the plan of these SMEs to enable them grow into regional and continental firms while relegating politics to the background. \r\n\r\n \u201cWe cannot just remain at the position of mere conversations on SMEs and reduce everything to rhetoric and politics. State support is required for SMEs to be placed at the global level,\u201d he said.\r\n\r\nProf. Bokpin argued that average African politicians are uncomfortable with powerful domestic private companies which do not belong to their camp, because of the role money plays in politics.\r\n\r\nA lot of African rich businessmen are uncomfortable keeping their monies on the continent due to over-scrutiny, victimisation among others, Prof Bokpin indicated, adding: \u201cWe need to move beyond politics and support local SMEs regardless of their affiliations\u201d.\r\n\r\nA survey by McKinsey Africa undertaken in 2018 discovered 100 businesses with US$1billion in annual sales.\r\n\r\nOut of this, a total 25 percent are subsidiary group companies of foreign-domiciled multinationals, 50 percent have local origin, 40 percent are publicly listed, and 60 percent are privately owned.\r\n\r\nWhile most of these companies are of South African and Nigerian origin, none of the 100 companies is Ghanaian.\r\n\r\nBut Dr. Bokpin maintained that the situation is so because Ghana\u2019s regulatory environment has become political and is more open to facilitating foreign capital \u2013 to the detriment of enabling local SMEs\u2019 growth.\r\n\r\n\u201cIf we have done this injustice to ourselves, why do you turn around and cry about going to the IMF 17 times?\u201d he asked.\r\n\r\nThe 11 th \u00a0edition of the Ghana Economic Forum (GEF) is on the theme\u00a0 \u2018 Building a Robust & Resilient Economy through Technology, Finance, Investment, Trade and Entrepreneurship\u2019. "

"Depoliticise support for SMEs \u2013 Prof Bokpin"

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