The Bank of Ghana, in collaboration with the Development Bank Ghana and the University of Ghana Business School (UGBS), is undertaking a study to understand the constraints faced by SMEs and develop supportive policies for their growth. The study aims to assess SME credit demand, liquidity supply, and the potential role of FINTECHs in enhancing SME lending.
This initiative was announced by the Governor of the Bank of Ghana, Dr. Ernest Addison, at the SME Growth and Opportunity Summit held in Accra. Dr. Addison highlighted additional initiatives to support SMEs, including the Ghana Integrated Financial Ecosystem (GIFE), launched in partnership with the Monetary Authority of Singapore and Development Bank Ghana. GIFE provides SMEs with financial and digital literacy training and trusted digital credentials.
He also mentioned the Universal Trusted Credential (UTC) concept and the digital business-to-business (B2B) marketplace SOLV, promoted by Standard Chartered Bank. SOLV offers SMEs a comprehensive suite of financial services and access to professional business services.
Dr. Addison emphasized the need for enhanced collaboration to maximize the effectiveness of SME support mechanisms. He assured stakeholders of the Central Bank’s continued support through sound regulation and supervisory policies. “As discussions progress, we look forward to exploring synergies between initiatives such as GIFE and other government programs to ensure cohesive coordination and maximized impact,” he said.
SMEs are crucial to Ghana’s development, representing about 92% of existing companies, 85% of manufacturing jobs, and 70% of the Gross Domestic Product (GDP). The government plans to remove barriers inhibiting the growth of the private sector to ensure SMEs become more competitive, innovative, and capable of expanding into the broader African market.
