Vice Chancellor encourages Financial institutions to provide models for businesses

Thursday 18th April, 2019
Sustainable Financing new

By Iddi Yire, GNA

Accra, April 18, GNA - Professor Abednego Feehi Okoe Amartey, Vice-Chancellor, University of Professional Studies, Accra (UPSA) has urged financial institutions to provide innovative financing models for new start-up businesses and existing businesses.

He said the role of banks and non-bank financial institutions should not be influenced by discriminatory policies, which might prevent otherwise potential business from taking advantage of the opportunity.

Prof Amartey said this in his remarks at the fifth International Conference on Business Entrepreneurial and Development (ICBMED), hosted by UPSA.

The two-day conference on the theme: “Growing Businesses through Secure and Sustainable Financing”, would witness sessions including; banking, accounting, and finance practices and business growth, small and medium enterprises (SMEs) and entrepreneurship development.

Others are; information systems, knowledge management and e-business; marketing, consumer behaviour, ethic and social responsibility; human resources management and industrial relations; and environment, tourism and socio-cultural practices.

Prof Amartey said in that regard, banking institutions had a critical role to play in providing sustainable finance to viable businesses that could pay back their loans on time and impact society meaningfully.

He said that that would create a “sustainability chain” in the ecosystem through a multiplier effect, which grew banks, businesses and society in general.

He recounted that thematic areas that were presented and discussed at previous editions included; business management, entrepreneurship development, finance, accounting, psychology, marketing, information and communication technology, communications, law and public administration.

Prof Amartey said being mindful of reforms in the banking sector, a pertinent thematic session dubbed: “Banking Crisis and Business Growth” was added.

He was hopeful that the ICBMED 2019 would find answers to how businesses could access safe, reliable and continuous finance for their operations and growth against the backdrop of the collapse of some microfinance institutions and bank ‘failures’ in Ghana.

Prof Charles Barnor, Pro-Vice Chancellor, UPSA, said with regards to this year’s conference 126 abstracts were received, of which 82 were accepted for presentation in 14 sessions.

He pointed out that submissions were received from UPSA, University of Ghana, the Ghana Institute of Management and Public Administration (GIMPA), University of Cape Coast (UCC), University of Education, Winneba (UEW), Kwame Nkrumah University of Science and Technology (KNUST) and other private universities.

Prof Barnor, who is also the Chair of the ICBMED Editorial Committee, said they received submissions from South Africa, Cameroon, Malaysia and Nigeria, adding that “criteria for reviewing the abstract include, the relevance of the topic, robust and informative methodology, key findings and contribution to knowledge”.

Dr Augustine Awuah Peprah, Coordinator for Research and Conferences at UPSA, in an interview with the Ghana News Agency noted that ICBMED would bring together researchers and players in the industry, to share ideas by presenting papers based on a particular theme.

He said that over the years, the banking industry experienced lots of difficulties, and as such, the conference was solely aimed at how in the midst of these financial challenges, how could businesses sustain.