The Chief Executive of the CommonWealth Enterprise and Investment Council (CWEIC), Rosie Glazebrook, has noted that Micro, Small and Medium-sized Enterprises (MSMEs) are key to the development of many economies in the Commonwealth.

This, in her view, underscored the CWEIC strategy to work with partners in key CommonWealth markets to foster MSME growth.

Mrs. Glazebrook made these comments when she paid a courtesy call at one of the CWEIC’s key partners in Ghana, UMB (Universal Merchant Bank).

This formed part of Madam Glazebrook official tour of Ghana, this week. The bank structured the visit to enable Madam Glazebrook get a first-hand view of Ghanaian MSMEs, by hosting the CWEIC delegation at its “Centre for Businesses” within the Madina market enclave.

Chief Executive of UMB, Nana Dwemoh Benneh, in his remarks noted “a number of significant economic reports argue that MSMEs account for over 70% of all economic activity in Ghana. As a Bank, we have been focused on Ghanaian MSMEs and their growth since 1972, and thus we share this passion for MSMEs with the CWEIC.”

MSMEs are key to economic growth in the CommonWealth - CWEIC CEO

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

Mrs. Glazebrook in her remarks said, “UMB is Ghana’s oldest Merchant Bank, and I dare say the CommonWealth is one of Ghana’s oldest international relationships. Central to our work at the CWEIC is the COMMONWEALTH ADVANTAGE- the fact that overall its 21% cheaper to do business across the CommonWealth. We are thus very passionate about bring this advantage to bear on businesses and I am excited that one of our key partners is doing this in lock-step with us here in Ghana.”

Mrs. Glazebrook and her party were escorted around the market by Nana Dwemoh Benneh and other officials of the bank. This was followed by a presentation by the Head of Strategy on UMB’s MSME programme and the intergation with CWEIC, Roland Akafia.

UMB is a leading indigenous bank reputed for bringing a uniquely Ghanaian perspective to banking, since 1972. Headquartered in Accra and licensed by the Bank of Ghana, the bank operates out of 35 branches across Ghana.

The CWEIC is a commercial, not-for-profit membership organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 54 Commonwealth member nations. The role of CWEIC is to use the convening power and trusted network of the Commonwealth, which is led by Her Majesty The Queen, to drive trade and investment.