CHAPTER 4 inefficient land administration system that creates problems relating to title deeds. In an attempt to ameliorate the situation, the GIPC has established a land bank with information on land and real-estate properties available for lease, rental or equity investment purposes. Additionally, and in line with the government's objective of facilitating access to land for investment purposes, the Ministry of Food and Agriculture (MOFA) has compiled a list of individual portions of land available in all Ghana's districts, in an effort to establish a land bank for the information of potential investors. However, the question of access to land is flagged as a cross-cutting issue that needs to be addressed holistically by the government. SMEs 46. The CRM identified several challenges faced by SMEs: access to finance, problems with registration, poor record-keeping, lack of property rights, and the need for training and skills development. Lending requirements are also stringent (even for those accessing state funds or funds from NGOs and micro-institutions). Stakeholders noted that government funding is insufficient and not made in a timely fashion. Access to state funds is sometimes politicised and follow-up mechanisms are weak. SOEs 47. Most of the non-performing and uncompetitive SOEs that have not yet been privatised would require considerable restructuring and injection of capital before meeting the listing requirements of the GSE. It has been suggested that these enterprises should be branded more positively if they are to attract investors. In addition, despite the large-scale privatisation programme, the SOE sector weighs heavily on the economy and state involvement is extensive, including involvement in public enterprises and utilities. Several reasons are given for this. Sometimes, for political reasons, the state cannot divest certain entities if it means a loss of jobs for a large percentage of the populace. Concerns have also been expressed about foreign ownership and monopolies of divested entities. The revised Companies Act needs to address this matter. 48. The CRM met with representatives of the SEC and the GSE who expressed optimism at the prospects of the securities market in Ghana. Overall, these representatives feel that the regulatory framework for the securities market is adequate, except for minor adjustments. For example, the SEC aspires to meet the requirements of the International Organisation of Securities Commissions (IOSCO) and would need to 98