The 24-Hour Economy and Accelerated Export Authority and the Ghana National Chamber of Commerce and Industry (GNCCI) are preparing to formalise a partnership aimed at building strong support systems that will enable small and medium-sized enterprises (SMEs) to scale up production, enter new markets and become more competitive in both domestic and export markets.
The proposed Memorandum of Understanding (MoU) follows a high-level engagement in Accra where both institutions agreed to work together to strengthen the capacity of local businesses and position them as a major driver of industrial growth and job creation.
The agreement is expected to establish a joint technical committee that will focus on SME financing, enterprise development and improved access to business support services, particularly for businesses operating across the Chamber’s 17 sectors.
Mr Augustus Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export initiative, described the meeting as productive and said the collaboration would help address long-standing constraints within Ghana’s SME ecosystem.
He said the partnership would focus on practical interventions that would allow SMEs to expand production, improve productivity and take advantage of emerging opportunities under the 24-hour economy agenda.
According to him, building strong business support systems was essential if local companies were to grow beyond small-scale operations and compete effectively in both domestic and export markets.
Mr Tanoh indicated that discussions with the Bank of Ghana and the National Insurance Commission were ongoing to design a credit insurance guarantee scheme that would enable SMEs to access affordable loans without relying heavily on physical collateral.
He explained that the initiative was intended to reduce one of the biggest barriers facing small businesses, particularly those seeking to expand production or invest in new equipment.
He said the Authority was also developing an Enterprise Support Organisation (ESO) framework that would help SMEs become more credit-ready and professionally structured.
The proposed system would provide governance support, financial management guidance, market preparation and post-credit monitoring to ensure that businesses used financing effectively.
“These mechanisms, when fully developed, will make SMEs more bankable and improve their chances of securing funding while ensuring that the credit is applied for its intended purpose,” he said.
Mr Tanoh stated that preliminary engagements with key regulatory institutions had already begun, and further discussions would focus on the operational framework for implementation. He expressed optimism that tangible progress could be announced within the coming months.
Dr Mrs Emelia Assiakwa, Vice President of the GNCCI, said the private sector welcomed the initiative and was ready to support efforts aimed at strengthening SMEs and expanding industrial activity.
She said the Chamber viewed the proposed collaboration as timely, noting that many businesses continued to face challenges in accessing finance, expanding production and reaching new markets.
According to her, stronger support systems would help local companies grow faster and contribute more to national economic development.
Dr Assiakwa also raised concerns about challenges businesses often encounter when working with some development banks, including heavy conditions and delays in the release of funds.
She expressed confidence that the proposed credit insurance-backed lending model would help reduce some of the bottlenecks that SMEs frequently face.
She said government support for private sector financing was critical, particularly in reducing unemployment and helping local industries add value to Ghana’s natural resources.
She added that improving access to finance and markets would also help reduce the country’s dependence on imports, including agricultural produce that could be processed locally if businesses were better supported.
She noted that strengthening SMEs through practical support structures would not only improve productivity but also position local industries to compete more effectively both within Ghana and in international markets.
