Over the years, we have identified through comprehensive research that MSMEs face a lot of challenges in Ghana. Some of which include:
- Limited access to innovative marketing information on consumer’s/supply chain and commodity aggregations
- Limited use of accounting systems like (tally, quick books, customized software etc) to track operations and improve competitiveness with regards to financial management and investments
- Inability to manage the technical, human resource and operational issues of the value chain actors.
- Inability to access financing to grow their businesses.
How We are Addresing This
Finance Factory (FIFACT) is an innovative and practical program designed to ensure that MSMEs have full-time access to Accounting and Business Development Services at their own convenience. This is achieved through our current partnership with four (4) Auditing Firms in good standing and ten (10) Financial Institutions as well as many other key private and public institutions in the enterprise support space in Ghana.
FIFACT links investors and financial institutions with Micro, Small and Medium Scale Enterprises (MSMEs). The program is designed, in the short and medium-term, to train 500 Business Development Officers over three (3) years to help MSMEs in Ghana access practical and innovative solutions to finance and investment challenges in various sectors.
FIFACT has developed an app that can be used to track daily operations. This will help MSMEs effectively manage their finances and keep records of their business activities. The utilisation of the mobile app and the financial software application will improve the internal management and operations of MSMEs and boost their profitability.
The business development officers are trained in record keeping, accessing loans, development of business plans, records collection, record keeping, farm auditing, market research and marketing products to consumers.
To provide support to businesses faced with investments and finance challenges, low or dropping sales, poor financial record-keeping, how to identify investments opportunities and forge trusted business partnerships.
To make accounting services accessible to businesses at their own convenience.
Our dedicated team of consultants has the relevant qualifications and experience in Strategic Finance and Management, Business Planning, Organisational Development and Assessment, Financial Management, cooperative business management, Monitoring and Evaluation and Reporting skills, Entrepreneurship experience in the Agriculture sector, and farmer group mobilisation.
The Business Development Services (BDS) is a dedicated strategic business unit that offers short, medium and long term technical support services to farmer organizations and agro-based SMEs. It aims to facilitate development of an organized portfolio of self-supporting and sustainable agro-based small and medium enterprises having the right organizational systems, structures and best practices of business. The BDS offers its services through a dedicated team of Business Development Consultants.