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Private schools must be bankable to attract financing

The Head of Credit at OmniBank, Stephen Avornyoh

The Head of Credit at OmniBank, Stephen Avornyoh

The Head of Credit at OmniBank, Stephen Avornyoh said, some financial industry players have advised heads of various schools in the country to put in place proper governance and administrative measures to make it easier in securing funds.

The advice follows the difficulty some schools face in trying to secure funding to undertake projects for their schools.

The Head of Credit at OmniBank, Stephen Avornyoh at a program as part of the OmniSME Clinic, was of the view that accurate documentation of all school records and financial standing will make it easier for schools to secure funds from banks.

He said, the problems we have identified with schools is the fact that there are improper financial management which makes it difficult for the schools to attract financing partners like banks and other institutions. Our advice is that schools must have structural financial management in place in order to make them bankable.

Mr. Avornyoh added that, schools should operate on a well-planned budget in order not to overspend.

Mr. Avornyoh stressed, when we talk of having financial management in place, we mean that the schools need to have a budget or a proper plan of how the resources will come in and how they should be applied.

Stephen Avornyoh said that schools “need to have a good banking culture where they are able to deposit funds received and withdraw them in order for the banks to be able to see the total size of the business as reflected in their bank statements”

The post Private schools must be bankable to attract financing appeared first on Ghana Live TV.



This post first appeared on Watch Gtv Ghana, Adom TV, Tune Ghana Radio GhanaLi, please read the originial post: here

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