Rethink SME Financing for Ghana’s Growth, Dr Asiama tells Banks
Governor of the Bank of Ghana, Dr Johnson Asiama, has asked banks and financial institutions in Ghana to overhaul the way they support Small and Medium-Sized Enterprises (SMEs), insisting that “traditional collateral-based lending models are no longer sufficient to unlock their full potential.”
Speaking at an SME Workshop in Accra, Dr Asiama challenged banks to embrace more innovative financing approaches, including supply-chain finance, risk-sharing mechanisms, and partnerships with development finance institutions. “Our SMEs are not risky outliers; they are the future growth drivers of your portfolios,” he said.
He stressed that while Ghana’s SMEs face structural barriers, they remain central to the country’s economic transformation, serving as engines of jobs, innovation, and inclusive growth. To fully play this role, however, they must be integrated into regional and global value chains, where higher standards exist but the opportunities and rewards are greater.
To entrepreneurs, the Governor stressed the importance of embracing formalization, digitization, and compliance with international standards. “Compliance is no longer just a regulatory requirement, it is your passport to larger, more profitable markets,” he noted. He added that with inflation declining, the cedi stabilizing, and foreign reserves improving, the macroeconomic environment is now supportive of growth and investment.
Dr Asiama also called on policymakers and development partners to strengthen their commitment to SMEs through trade facilitation, supplier development, and investment in digital and financial infrastructure. “We ask that you continue to walk this journey with us,” he said, pointing to the critical role of collective action in driving competitiveness.
For its part, he assured, the Bank of Ghana will continue to safeguard macroeconomic stability, strengthen the financial system, and provide the digital and regulatory frameworks that allow inclusive growth to flourish.
“If we succeed in enabling Ghanaian SMEs to step into global value chains,” Dr Asiama concluded, “we will not only transform enterprises, but transform lives, create decent jobs, and build lasting prosperity.”
