Stakeholders empowered on sustainable MSME
The International Finance Corporation (IFC), a member of the World Bank Group on Thursday 1st October 2015, held a Roundtable Discussion on Sustainable Solutions for Women-Owned Businesses in Sierra Leone at the Radisson Blu Hotel in Freetown. The day’s event brought together key government representatives, donor organizations and women entrepreneurs to discuss the four key strategic pillars of the National Micro, Small and Medium Enterprise Development Strategy (MSME),. These strategic pillars include: Improving business enabling environment, Promote business linkages – linking up with profitable market opportunities; Link financial markets to SMEs – increasing the number of small business that receive sustainable financial services; and Improve capacity of SMEs by increasing the number and variety of avenues by which small business owners/managers can build business knowledge and skills. (Photo: Mary Agboli, IFC’s Resident Representative)
The strategy comprise of two core objectives: to increase the total number of small businesses; and to facilitate the growth from small to Medium size Enterprises.
IFC’s Resident Representative, Mary Agboli assured of the IFC’s commitment in ensuring that women gain access to finance so as to encourage business growth. She informed the participants that even though there were gaps preventing women from accessing finance, the targeted outcome of today’s event was to highlight solutions to these issues.
Acting Director at the Ministry of Trade and Industry, Charles Mereweather Thompson said IFC has been instrumental in facilitating MSMEs strategies and also enhancing business development in the country. “We are happy to see the IFC taking the lead in promoting business reforms in the country,” he said, and added that the possible outcome of the day’s event should be implemented for the benefit of MSMEs.
The President of Bombali Farmers Association Madam Muskuda Jalloh, defined being in business as an undertaking for profitmaking. She recalled bringing together women farmers, which has rewarded them with an Agriculture Business Centre where they do producing, buying and selling. Madam Jalloh and her association have put in place some mechanisms to curtail food importation into the country. The Bombali Famers Association currently has 120 acres for seed rice, 10 acres for benni seed, and 10 acres for maize seed.
Madam Jalloh admonished women in the business sector to be diligent, disciplined, maintain integrity and be focused so as to achieve success in business.
Ms Finda Koroma of the Sierra Leone Business Woman Hub gave a presentation on the weaknesses in the Policy and Legal Environment on Small-Medium Enterprise Development that deter the emergence and growth of women-owned businesses. She stated that the Ebola outbreak has greatly affected the business sector. IFC Consultant Giima Lavaly, gave a presentation on the National MSME Development Strategy focusing on the four pillarsfor development and the current interventions by the Private Sector and Donor Organisations.
The participants expressed an overall appreciation for the event which they believe will go a long way in promoting the growth of the MSME sector.
Ms. Gladys England, owner of OASIS Juicy Bar in Freetown, stated that she was very happy to have been a part of the roundtable discussion. She mentioned that the event was very informative on issues facing MSMEs in Sierra Leone.
Ms. Marie Bob Kanndeh of Stay Okay Enterprises, a food production entrepreneur told Concord Times about the numerous challenges in producing, packaging and especially access to finance as many of the commercial banks have not been supportive to women owned businesses.
She said the Standard Bureau which is supposed to have their best interest through promoting their business internationally currently have very high registration fees in place, creating barriers to growth of their businesses.
The Commissioner of Cooperate Affairs Commission, Ms. Michaella Mackay highlighted the importance of the roundtable discussion especially with women owning about 70% of Micro, Small and Medium Enterprises in Sierra Leone. Ms. Mackay recommended that a similar roundtable discussion should be taken to the provinces at district level so as to impact more knowledge for women entrepreneurs in the country.
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