Governor of the Bank of Ghana, Dr. Johnson P. Asiama has called on banks and financial institutions to actively support small and medium-sized enterprises (SMEs) in integrating into regional and global value chains, emphasizing that their growth is central to creating jobs, boosting exports, and strengthening the economy.
Speaking at a workshop organized by the Ghana Association of Banks in collaboration with Afreximbank, the African Development Bank, and the Trade and Development Bank at the Mövenpick Ambassador Hotel in Accra, Dr. Asiama said, “The question before us is simple: how do we move Ghana’s SMEs from the margins of local markets into the heart of global production systems?”
He stressed that while SMEs represent about 90% of businesses globally and contribute up to 40% of GDP in emerging markets, they continue to face significant financing challenges. According to the World Bank and IFC, MSMEs face a financing gap of up to $8 trillion worldwide, which limits innovation, jobs, and exports.
Dr. Asiama highlighted that addressing these challenges requires more than just loans. Banks and financial institutions must design products that support SMEs in meeting global standards and scaling their operations.
He emphasized the importance of starting locally and regionally, saying that domestic markets, such as supermarkets, telecoms, pharmaceuticals, and logistics, provide structured opportunities for SMEs to build capacity and formalize their operations before tackling global markets.
Regional markets, particularly under the African Continental Free Trade Area (AfCFTA), offer a practical platform for SMEs to expand beyond Ghana while still operating within familiar regulatory and logistical environments.
Drawing lessons from other countries, he noted that Chile boosted SME productivity through capability-building programs paired with long-term contracts, Malaysia developed competitive electronics clusters linking SMEs, multinationals, and research institutions, and Morocco connected local firms to global auto manufacturers via supplier development policies.
In his view, deliberate policies, collaboration with banks and anchor firms, and access to finance aligned with sustainability standards are essential to transform Ghanaian SMEs into globally competitive players.
