Access to “patient capital” emerged as a central issue at the ongoing 10th anniversary international conference of the Ghana Export-Import Bank, with finance and development experts calling for stronger financial and institutional support to help micro, small, and medium-sized enterprises (MSMEs) scale sustainably and compete more effectively in export markets.
The issue came into sharp focus during a panel discussion on “Mobilising Patient Capital for MSME Growth and Sustainability” on the second day of the conference at the Kempinski Hotel, Accra. The session featured Cyril Amaechi Okoye, Secretary-General of the Association of African Development Finance Institutions; Kafui Bimpe, Head, SME, African Subsidiaries at Access Bank Plc; Andrew Akoto, Country Managing Partner of KPMG in Ghana; and Angelo Dadzie, Special Adviser to the President at the ECOWAS Bank for Investment and Development.
Speakers said long-term business growth on the continent would depend not only on the availability of capital, but on whether enterprises can access financing that is “flexible,” “impact-oriented” and better aligned with the operational realities of smaller businesses.
The discussion formed part of the broader anniversary programme, which has focused on export-led industrialisation, enterprise growth, and the role of development finance in transforming Ghana’s productive sectors.
A key concern raised during the session was that many MSMEs seeking long-term financing remain too informal to meet the standards required by lenders and investment institutions. While demand for capital remains high, panelists said many businesses continue to face structural weaknesses, including poor bookkeeping, limited governance systems, weak financial reporting, and inadequate business structuring.
That, they argued, makes it difficult for many firms to attract the kind of long-term capital needed to expand sustainably.
Industry leaders, including experts from KPMG and the banking and development finance space, stressed that businesses looking for patient capital must also become “investment ready” by formalising operations, strengthening governance, and improving the credibility of their financial projections and business proposals.
According to the panel, one of the recurring misconceptions among smaller enterprises is the assumption that long-term or concessional capital should automatically be easier to access. In practice, they said, patient capital still requires discipline, structure, and a credible growth pathway, particularly where lenders must evaluate repayment ability and long-term viability.
Panelists also highlighted the need for stronger collaboration between commercial banks, development finance institutions, and export-oriented lenders to bridge the financing gap facing MSMEs. They explained that while commercial banks often operate with shorter-term risk and return considerations, development finance institutions are generally mandated to support “industrialisation,” “social impact,” and broader economic transformation.
That distinction, they said, makes partnership essential.
Rather than operating in silos, speakers argued that Development Finance Institutions (DFIs) and commercial lenders must co-design products that can channel longer-term and lower-cost financing to smaller businesses through institutions that already understand their operating environments. Such partnerships, they noted, can help de-risk lending while making funding more practical for enterprises that need time to build capacity and scale.
The panel also pointed to broader structural challenges within Africa’s financial architecture, noting that many development finance institutions continue to face constraints in raising and deploying capital effectively. Among the issues raised were regulatory treatment, ratings methodologies, foreign exchange volatility, and the limited flexibility of domestic capital markets.
Some speakers argued that DFIs are too often assessed through the same lens as commercial banks, despite having different mandates and risk profiles. That approach, they said, can weaken their ability to mobilise funds at scale and support sectors where private capital is often hesitant to participate.
At the enterprise level, however, the panel stressed that financing alone would not solve the problem.
MSMEs, they said, also require support in areas such as technical capacity, market access, standards compliance, digitalisation, and operational planning. Without those foundations, even well-intentioned financing can be misallocated or underutilised, limiting both business growth and developmental impact.
Panelists therefore advocated stronger non-financial support systems, including business development services, advisory support, and practical enterprise training. They noted that several development finance institutions across Africa are increasingly investing in “capacity building” and enterprise academies to improve the bankability of SMEs before financing is disbursed.
The discussion also emphasized the need to move beyond purely collateral-based lending and adopt more “cash-flow-based” and data-driven credit assessment models. Speakers said that where businesses are properly formalised and digitised, lenders are better able to assess performance, understand risk, and extend financing in a more responsive and sustainable way.
Throughout the session, there was broad agreement that MSMEs remain central to Africa’s economic future, given their role in employment creation, value addition, and domestic production. But panelists maintained that unlocking their full contribution will require a financing ecosystem that is more coordinated, more patient, and more closely aligned with the realities of enterprise growth.
