Providing cheap funds to support the SME sector will be one of the critical areas the National Black MBA Association (NBMBAA) will be looking at during a reciprocal visit in February next year.
The NBMBAA is a non‐profit organization dedicated to the enhancement and development of educational and economic empowerment for African Americans. The Association last year invited the former Accra Mayor and MP for Ablekuma South, and th, for a conference in the US.
It was meant to know opportunities in the Ghanaian economy. Ahead of the return visit a six-member delegation is in Ghana for scouting.
The head of the delegation, Dr. Jessy Tyson, told Starr Business the high interest rate regime is an opportunity they can take advantage of.
“We didn’t know until today that getting a loan is no easy thing for small businesses; and even if you can we also learn that the interest on the loans are very high and so that is not a viable option for most small businesses; so we have to go back and figure out if there is an opportunity for us to fill that void,” Dr. Tyson said.
“… If I charge you 26 percent interest, I wouldn’t have to work anymore. I will just collect that interest rate and be happy. Interest rates are typically driven by risk and we didn’t see anything to cause us to believe that the risk is so high,” he made this call after they visited selected companies including the Jospong Group in Accra.
The NBMBAA is planning to establish its first branch outside the United States in Ghana.
The former Accra Mayor Vandapuije believes Ghana’s youth will be the greatest beneficiaries if NBMBAA is established in Ghana.
“They are also looking at forming the first chapter of the MBA outside the United States in Ghana before it goes to other African countries. For me I like what they have talked about; the need to invest in our youth”
Source: Ghana/Starrfmonline.com/103.5FM/Osei Owusu Amankwah