A major factor hindering the garment industry from thriving is the lack of access to financial support, Chief Executive Officer of Cyndex Garment Manufacturers, Cynthia Baffour has said.
At the Citi Business Festival‘s forum on Citi TV, Ms. Baffour emphasised the need for the garment industry to be financially supported to run its operations.
She posited that financial support is central to improving human resources and saving entrepreneurs from paying high-interest rates for loans.
“We need financial support, interest rates are high, so you go for loans, and it makes you uncompetitive because it adds on to your cost, and it is not everything you can transfer to the consumer.”
Other panellists on the forum were Afua Asabea Asare, CEO of the Ghana Export Promotion Authority, GEPA; Robert Ahomka-Lindsay, former Deputy Minister of Trade; and Michael Kottoh CEO of Konfidantes proffering solutions on how entrepreneurs can better understand these changes and serve their consumers well.
The forum was under the theme ‘surviving uncertainties of consumer markets’.
The Citi Business Festival is an extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses.
The 2022 edition of the Citi Business Festival is mainly sponsored by ABSA Bank, with support from MTN Momo and MTN Business, Ghana Investment Promotion Centre, IT Consortium and GIRSAL.