Ghana faces US$4.8bn annual SME financing gap

The Bank of Ghana has identified a US$4.8 billion annual financing gap facing small and medium-sized enterprises (SMEs) in the country. Second Deputy Governor Matilda Asante-Asiedu noted that while Ghana has established advanced digital payment infrastructure, it lacks equivalent 'credit rails' to convert transaction data into accessible financing.

To address this, authorities are advocating for the use of digital transaction histories—such as mobile money records—to assess creditworthiness, reducing the heavy reliance on traditional collateral like land and buildings. Additionally, Governor Johnson Asiama has urged commercial banks to develop tailored credit products for high-risk sectors, specifically targeting the agricultural value chain to align repayment structures with seasonal cash flows.

In related financial developments, the Bank of Ghana inaugurated the Non-Interest Financial Advisory Council (NIFAC) to regulate and supervise emerging non-interest banking products. Meanwhile, Development Bank Ghana is preparing specialized financial instruments to support the oil palm sector, working with 21 financial institutions to better manage industry-specific risks.