“SMEs must embrace insurance, credit reporting”


Tullow Ghana’s Director of Exploration Appia Kyei has urged small and medium scale enterprises (SMEs), especially those operating in the oil and gas sector to pay particular attention to credit reference reporting as well as insurance.

Mr. Appia Kyei speaking at a business forum organised by Invest in Africa (IIA) said, “Businesses for far too long have neglected these areas which go to the heart of ensuring business sustainability and access to investment and finance.”

The Tullow Director of Exploration was the guest speaker at the Africa Partner Pool (APP) Business Forum on the theme: “Importance of insurance and credit reference reporting to business growth.”

The forum formed part of efforts by Invest in Africa to add value to SMEs on its Partner Pool which connects larger international and Ghanaian companies to local businesses.

Country Manager of Invest in Africa (IIA), Sam Brandful who opened the forum urged SMEs to constantly gauge the health of their businesses and open up for growth and capacity development by taking up appropriate insurance products and have their credit reference checks done periodically.

Mr. Brandful stated that SMEs that connect via APP will be assisted to access training and management support through a skills business initiative, called the Business Linkage Programme.

APP, he said, will help international and Ghanaian companies to find credible Ghanaian suppliers and meet their local content which will be quicker and more cost effective.

The African Partner Pool, is Ghana’s first online business directory.

Its main objective is to connect Ghanaian and international companies to local businesses.

The portal is designed by the Invest in Africa with the sole aim of delivering economic development, creating business opportunities and supporting job creation.

‘’The African Partner Pool is at the core of IIAs work in Ghana as it assists local suppliers promote their businesses and increase their ability to tender more competitively,’’Mr Brandful said.

He urged that businesses always should check their growth and capacity, and also their credit reference periodically.

IIA launched in 2014, has approximately 1,300 suppliers registered on it, mostly SMEs from various sectors, and 15 partners and buyers, which include companies, organizations and trade associations such as Tullow Oil, MODEC, Guiness Ghana Breweries Limited, EY, GE, Ecobank, Clyde Co, UT Bank, Atuabo Freeport among others.