UMB MD says information gap hindering entrepreneurs’ understanding of funding opportunities
Managing Director for Universal Merchant Bank (UMB), Nana Dwemoh Benneh, has noted that a gap in information is hindering entrepreneurs’ understanding as to which institutions they can look up to for funding opportunities at various stages of growth of their business.
Speaking at the recently held Ghana Economic Forum (GEF) by the B&FT, Mr Benneh noted the mistake entrepreneurs often make is that they want short-term funds to finance long-term projects.
“I think this is one of the key drawbacks that is hampering young people from optimising the funding opportunities available.
“If you want to attract patient capital, it requires discipline and knowledge. For most entrepreneurs, they are very excited at the idea’s conception, but they lack the staying power and sacrifice needed to research, present, and attract investment,” he said.
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Speaking further at the event, Mr Benneh noted that there had never been a more exciting time to be an entrepreneur in Ghana, looking at the opportunities from digitisation to the plethora of funding opportunities from investors, government schemes and programmes.
He made these observations during the panel discussion on the theme: “Strengthening Home Grown Policies to Underpin the National Digitisation Drive and Shared Financial Prosperity.”
The forum sought to set the agenda for Ghana’s economic prosperity by engaging key stakeholders to deliberate on economic development issues in a non-partisan manner.
It was a conclave to engage corporate Ghana to deliberate on issues affecting the economy, proffer solutions and recommendations to drive accelerated economic growth.
