The programme dubbed, “Certificate in Small Business Development Programme,” would empower the participants on modalities for accessing funding and equipped them with skills to develop business plans for their businesses among other benefits.

Representatives from the National Association of Hairdressers, fashion designers, mechanics, and other small businesses are attending the three-month training. Key topics to be discussed include; financial planning for small businesses owners; cash flow management and forecasting; strategic planning and goal setting; creativity, innovation and entrepreneurship.

In an interview with the Ghana News Agency, Mr Joshua Mensah, the Executive Director of FFI, said the programme is design to encourage the informal players to explore larger marketing opportunities.

He said the organisers had contacted the Registrar General’s office as well as the Ghana Revenue Authority to take the participants through the importance of paying their tax because most business in the informal sector do not know the reasons why they must pay tax.

Mr Mensah said as part of the 3-months programme, the FFI small business awards would be launched, to recognise, and motivate individual business persons. Mr Mensah said out of the 200 small business owners enrolled on the programme, 60 of them would be awarded based on their ability to apply the financial management and employment strength.

Dr Prince Abbey, the Executive Director of Pesewa Global speaking on the topic; “Why Start ups fail in Ghana,” noted that many young businesses failed due to the inability of the owners to think beyond a small market size and think globally.

He urged entrepreneurs to go for big markets else, it would be waste of time saying, “the reality of business in today’s globalised world was the fact that there were no more ‘local champions’. Dr Abbey identified that the average the Ghanaian entrepreneur knows almost no one, who will be willing and able to put capital at risk for a new venture adding, on a day-to-day basis, the persons with the capital, connections to facilitate businesses were the elites, and they were only willing to help other elites in entrepreneurship.

He said a business is involved three main groups thus employees, shareholders, and customers adding that failure to understand the importance of each party in the growth of the business was the bane of many enterprises in Ghana.