Citi Business News has gathered that some major players in the private sector have begun trooping to financial institutions to access funds to take advantage of government’s pro –business agenda.
The Nana Akufo-Addo government is expecting the private sector to lead in all of its major campaign promises such as the one-district one factory, and the one village one dam projects.
Speaking to Citi Business News at the Sidelines of the Enterprise Africa Summit in Accra, the Managing Director of Premium Bank, Mr. Kwasi Tumi confirmed that some businesses have begun approaching the bank but the most important assessment is their capacity to deliver the projects.
He maintained that even though the financial sector is willing to embrace the private sector to implement government’s pro-business agenda, it is important for businesses to demonstrate capacity to deliver.
“People are coming looking for opportunities. Like I said it is not just about money it is also about capacity, so it is important that even all those who are coming and see all these opportunities have the capacity to do what it is that they want to do,” he said.
He stated that it is up to the private sector to take advantage of the opportunities created by the government to operate.
He explained that with the announcement of tax cuts, government has created an atmosphere for the private sector to access funds.
“The underlining thing is that if government creates the environment, you should look at what your competitive advantages are in that environment because if for instance government comes in to say, I have reduced taxes from X to Y, essentially what they have done is that they have freed up some cash for u so what you do with that cash is up to u,” he said.
Touching on Premium Bank’s flagship SME product called the Help Station, Mr. Tumi stated that the bank is ready to partner private businesses by investing in their operations.