The Chief Executive Officer of Ferfed Business Consult, Mr Rexford Jones Baffoe, has called for greater collaboration between statutory bodies and Small and Medium-sized Enterprises (SMEs) to help promote business development in the country.According to him, SMEs accounted for about 60 to 70 per cent of businesses across the country and with support in the areas of funding and formalisation, they could lead in the economic transformation agenda."Ghana's SME sector accounts for an estimated 60-70 per cent of businesses nationwide, and while efforts toward formalisation are underway, challenges remain.
It's not always about penalties.
Bodies like SSNIT, the National Pensions Regulatory Authority, and the Ghana Tourism Authority must actively educate business owners so they can comply more effectively," he stressedMr Baffoe made the call on the sidelines of the climax of the 10th anniversary of Ferfed Business Consult held here over the weekend.He explained that access to funding remained the biggest barrier preventing SMEs from scaling into large businesses."Many of SMEs have the ambition, but without capital and trust from banks, they're stuck.
With proper financial support from banks or government schemes, they can grow and create more impact," he explained.Touching on the operations of Ferfed, he said the company was established 10 years ago with the sole aim of assisting SMEs become compliant in terms of tax and other regulatory functions."We realised many SMEs don't have structured accounting departments, yet they still have to file returns, pay taxes, and meet all legal obligations," Mr Baffoe said.He added that Ferfed Business Consult exists as the accounting department for those who can't afford one internally.In addition to accounting and tax compliance, he added that, Ferfed Business also provides payroll management, auditing, business registration, and human resource services such as training and recruitment.The company is positioning itself as a one-stop solution for SME back-office operations."Being with Ferfed Business is like having a chartered accountant working behind the scenes to ensure everything is in order," Mr Baffoe said.As Ferfed Business Consult celebrates a decade of service, the firm has its sights set on national expansion - currently operating in Accra and the Volta Region.Mr Baffoe said that Ferfed Business aims to establish its presence in at least five regions over the next five years."We want to reach more SMEs in areas where professional accounting services are hard to come by.
