MSMEs are key to economic growth in the Commonwealth – CWEIC CEO

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CommonWealth Enterprise and Investment Council (CWEIC) chief executive Rosie Glazebrook noted that micro, small and medium-sized enterprises (MSMEs) are key to the development of many Commonwealth economies.

This, in his view, underscored CWEIC’s strategy of working with partners in key Commonwealth markets to foster the growth of MSMEs.

Ms. Glazebrook made the comments during a courtesy visit to one of CWEIC’s main partners in Ghana, UMB (Universal Merchant Bank).

It was part of Madame Glazier’s official tour of Ghana this week. The bank structured the visit to allow Ms. Glazebrook to get a first-hand view of Ghanaian MSMEs, welcoming the CWEIC delegation to its “Centre for Business” in the market enclave of Madina.

UMB Director General, Nana Dwemoh Benneh, in his remarks, noted “a number of major economic reports claim that MSMEs account for over 70% of all economic activity in Ghana. As a bank, we have focused on Ghanaian MSMEs and their growth since 1972, and so we share this passion for MSMEs with CWEIC.

“Indeed, we are proud to have been selected by the CWEIC to partner with Coventry University’s program to build the capacity of African SMEs and we look forward to rolling out the program this year, especially for MSMEs. led by women,” he added.

Ms. Glazebrook, in her remarks, said, “UMB is Ghana’s oldest merchant bank, and I dare say CommonWealth is one of Ghana’s oldest international relationships. At the heart of our work at CWEIC is the COMMONWEALTH ADVANTAGE – the fact that, overall, it is 21% cheaper to do business in the Commonwealth. So we’re very passionate about bringing this benefit to businesses and I’m delighted to have one of our key partners do this in close collaboration with us here in Ghana.

Ms Glazebrook and her group were escorted around the market by Nana Dwemoh Benneh and other bank officials. This was followed by a presentation from the Head of Strategy on UMB’s MSME program and interaction with CWEIC, Roland Akafia.

UMB is a leading indigenous bank renowned for bringing a unique Ghanaian perspective to the banking industry since 1972. Based in Accra and licensed by the Bank of Ghana, the bank operates from 35 branches across Ghana.

The CWEIC is a not-for-profit trade organization with a formal mandate from Commonwealth Heads of Government to facilitate trade and investment in the 54 Commonwealth member countries. CWEIC’s role is to use the convening power and trusted network of the Commonwealth, which is led by Her Majesty The Queen, to stimulate trade and investment.

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