Mrs Fatahiya Halidu Imoro, Executive Director of Malwin Foods, has urged students to set their minds on developing business ideas that will enable them create jobs before they complete school.  

     She said the scarcity of jobs and the increased interest in entrepreneurship education where many educational institutions were offering courses on the subject, provided ample opportunity for students to learn and practise what they learnt. 

     Mrs Imoro was speaking at the University for Development Studies’ (UDS) Faculty of Sustainable Development annual entrepreneurship seminar on the theme: “Entrepreneurship for Practice: Stimulating Entrepreneurial Spirit in Students.” 

     The seminar, organised by the Department of Development Management and Policy Studies (DDMPS), was to create platform for students of UDS to compete in an entrepreneurial skills development programme, which aimed at unearthing the critical thinking and problem-solving skills of students. 

     Mrs Imoro encouraged young persons to aim high and psyche themselves up for setbacks that might hinder their entrepreneurship dreams of promoting positive change as they made impact. 

     Dr Baba Musa, Head of DDMPS said the Department expected students to identify the basic problems of society that would require profitable and innovative ways of solving them.  

     He said, “A growing number of employers are no longer looking for graduates with the most impressive degrees, because they do not believe academic success is a sign of professional success.” 

     He called for measures such as more engagement of youth in decision-making, teaching attitude in class, exposing students to real life situation and introduction of entrepreneurship and French as compulsory subjects in the educational curricular from primary to tertiary. 

     He said, “The youth have been depending so much on the government. It is high time they took decisions and tried to do something for themselves like entering a business in support of what the government is doing. That is the first step to curb unemployment in the country.” 

     Dr Sulemana Achanso, Dean of Faculty of Sustainable Development Studies, UDS noted that one of the greatest challenges facing graduates was how to find employment. 

     Mr Iddrisu Abdul Rashid, An Entrepreneur, Lecturer and Consultant at UDS, encouraged the students to pursue their business ideas to explore various business pitching competitions to realise their goals. 

Cross-border trade presents significant challenges for Ghanaian businesses. 

The inefficiencies and high costs of existing payment systems hinder expansion beyond Ghana’s borders. 

The complexities arising from differing currencies, rules, and intermediaries result in complicated transactions and substantial fees, eroding profits and global competitiveness. 

However, amid these difficulties, entrepreneurs persevere, envisioning a future where seamless, real-time transactions facilitate international trade.

PAPSS: Revolutionizing African Cross-Border Trade

The hurdles faced by corporate entities, small and medium scale enterprises as well as individuals with cross-border trade are not unique; they resonate across Africa. 

Zenith Bank’s partnership with the Pan African Payment and Settlements System (PAPSS), however, aims to revolutionize cross-border trade.

PAPSS, an initiative designed to promote intra-

African trade and reduce reliance on foreign parties (which currently costs the continent a staggering US$5 billion yearly through existing payment channels) presents a simplified, secure, and cheaper expeditious alternative, bridging the gap between trading partners within days, not weeks. 

The platform also contributes to financial inclusion and African unity.

Ghanaian SMEs reaping the benefits

The partnership with PAPSS offers substantial advantages and opportunities for Ghanaian SMEs. 

A pivotal benefit is the streamlining of cross-border payments.

Mr Kwame Adadey, Divisional Head of Zenith Bank, asserted that this collaboration underscores Africans’ ability to solve unique challenges collectively.

“It underscores our belief in the African project that, as Africans, we can provide solutions for our unique problems.  PAPSS is one of them,” Mr. Adadey said.

He said gone were the days of convoluted currency conversions and exorbitant transaction fees. 

The Divisional Head of Zenith Bank said businesses in Ghana could now engage directly with counterparts across Africa, transacting in local currencies. 

“This reduction in costs amplifies competitiveness and fosters growth,” he added.

Moreover, the efficient framework of PAPSS empowers Ghanaian SMEs to access previously unattainable markets and clients throughout the continent.

The eradication of trade barriers stemming from inefficient payment systems paves the way for unprecedented expansion.

 Zenith Bank: The Ultimate Cross-Border Partner

Zenith Bank’s prominence as a financial services provider makes it an ideal choice for cross-border trade under PAPSS. 

Its exceptional service quality, surpassing industry standards, and extensive continental network are standout attributes. 

This network not only benefits large enterprises but significantly aids SMEs, enabling them to venture beyond national boundaries for growth.

Zenith Bank’s advanced technological infrastructure ensures secure, seamless transactions—a crucial component for cross-border traders. 

Its digital banking solutions facilitate efficient financial operations, while its commitment to excellence reassures customers. 

For SMEs navigating cross-border trade, Zenith Bank’s reliability and technological prowess are invaluable.

Mr. Adadey explained, “It boils down to why anyone would want to do business with Zenith Bank. Why are we the preferred choice?  One major aspect is the unparalleled quality of service we provide.”

He said Zenith Bank’s service standards surpass what customers would usually find elsewhere. 

“I can confidently assure you that the customer experience is so exceptional that we witness a constant influx of non-customers who come in to carry out transactions, only to become loyal customers due to the speed and convenience we offer,” he added.

Spearheading Digitalization

As we move into the future, the financial sector is rapidly embracing digitalisation, and Zenith Bank stands at the forefront of this technological shift. 

Consequently, Zenith Bank envisions a future where customers will be able to access PAPSS seamlessly without the need to physically visit a brick-and-mortar branch. 

This digital transformation will undoubtedly enhance customer convenience and accessibility to financial services.

Guidance and Empowerment

Beyond financial services, Zenith Bank distinguishes itself through comprehensive advisory and financial sensitisation efforts.

These initiatives equip SMEs with the knowledge to navigate international trade intricacies, fortifying their decision-making and expanding their market reach.

 Continental Goals

Zenith Bank’s partnership extends beyond transactions. Its contributions to forums and engagements leverage its experience, enriching discussions on continental goals.

In the context of the African Continental Free Trade Area (AfCFTA), the largest economic bloc in the world, which connects 1.3 billion people across 55 countries with a combined gross domestic product valued at US$3.4 trillion, partnership with PAPSS gains even more significance. 

AfCFTA’s vast economic potential and Zenith Bank’s integration with PAPSS positions it as a key player in this continental trade revolution.

A Vision of Prosperity

Zenith Bank’s collaboration with PAPSS symbolizes a future where African trade transcends borders, fostering growth, success, and economic unity. 

Through this transformative partnership, countless African traders envision a brighter future. 

In the narrative of an economically prosperous Africa, the association echoes ‘Zenith Bank x PAPSS’.

The Chief Executive Officer of Swedru Teachers’ Co-operative Credit Union (STCCU), Mr Joseph Acquaye, has urged  the youth to patronise the activities of credit unions and cultivate a savings habit  to enable them to derive the maximum benefits. 

  The youth should not forget that financial crisis could arise at any point in time and those shocks could only be absorbed if some investments had been made for a bailout, he said. 

 In an interview with  the Ghana News Agency (GNA) at Agona Swedru in  the Central Region, Mr Acquaye said the advice also went to all traders at market centers and small and medium enterprise operators. 

Similarly, he urged “big time” business executives to save with the Swedru Teachers’ Co-operative Credit Union to enable them to receive financial support for business expansion. 

The STCCU currently has 50,000 clients mostly teachers and market women in and around Agona West Municipality. 

During the Union’s 19^th Annual General Meeting held at Agona Swedru, the CEO said the union made significant growth in its operations as compared to the 2021 profit margin. 

The total assets grew to 38, 768,737.72 million  cedis in 2022 from 32, 298,623.67 million   cedis in 2021. 

Members savings increased to 28,672, 471.08 million cedis  in the  year under review from 24,299, 415.94 million  cedis the previous year. 

 Shares made significant increase to 10, 096, 266.64 million   cedis in 2022 as against 7,990, 358. 94 million Ghana cedis in 2021. 

The total liability and equity of the union increased to 38, 768, 737.72 million Ghana cedis in 2022 as against 32,298, 623.67 million  cedis in 2021. 

Mr Acquaye said the net surplus of the union also made giant growth to 1, 746, 327 .30 million Ghana Cedis in 2022 as against 1,521, 407.18 million  cedis in the 2021 fiscal year. 

 These successes were chalked because of  the digitalised and re-branded financial evolution it had embarked on, he said. 

“The expansion of the union and its growth calls for drastic decisions, especially in the use of IT tools, short codes, internet banking and others to meet the expansionary vision of the union,” the CEO said.  

He said the post COVID-19  challenges were enormous, bringing to the fore the importance of savings through digitalisation to facilitate the processes and ensure safety. 

The union was strategically positioning itself in Credit Union movements across Africa and beyond to concretise the gains made and enhance growth,  he noted.