Entrepreneurs and business leaders have called on financial institutions and the government to lower interest rates and ease collateral requirements to make credit more accessible and spur business growth.
During an interactive Q&A session, attendees voiced frustrations over high borrowing costs and excessive collateral demands, which they said severely limit access to finance and threaten the sustainability of small and medium-sized businesses.
Mr. Eric Kwaku Boateng, President of the Ghana Automobile Dealers Association, emphasized that prohibitive interest rates discourage businesses from seeking much-needed financial support. However, he urged banks to revise their lending policies to be more supportive of the private sector.
Mr. Sampson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana, echoed similar sentiments. He also called for lower taxes on financial products that suit the needs of businesses and urged the government to establish structured marketplaces to support trade.
More so, Mr. Takyi Addo, Director of Communications for the Abossey Okai Spare Parts Dealers, urged the government to address the pressing issues of high import duties and a weakening cedi, both of which contribute to rising business costs and reduced competitiveness.
In addition, Mrs. Eunice Ohui Hlordjison, Chief Executive Officer (CEO) of Ephphatha Ghana Limited, called for regulations that better support local businesses and address youth unemployment.
She highlighted how young graduates often struggle to start businesses due to a lack of tailored financial services and support from banks or government programmes.
The forum served as a platform for financial institutions and policymakers to engage directly with business operators and explore strategies to create a more inclusive and growth-friendly financial environment.
