During the Micro, Small, and Medium-Sized Enterprise (SMEs) Day, Deputy Minister for Trade and Industry, Dr. Stephen Amoah, advised CEOs to follow the instructions provided by their accountants and avoid dipping into funds designated for business expansion.
He highlighted the importance of responsible financial management for CEOs, emphasizing that it is detrimental to utilize funds intended for business growth.
Dr. Amoah emphasized the significant role played by SMEs, stating that they constitute over 90% of all businesses and contribute to around 70% of jobs worldwide.
He stressed the need to raise public awareness about the contributions of SMEs to sustainable development and the global economy.
Furthermore, the Deputy Minister underscored the potential for SMEs to exceed expectations in terms of growth if CEOs prioritize prudent financial practices by minimizing excessive borrowing and expenditure.
