Ghana’s small and medium-sized enterprises (SMEs) have been urged to strengthen their presence in domestic and regional markets before venturing into global value chains, as a way to boost competitiveness, create jobs, and increase exports.
The call came from Dr. Johnson P. Asiama, Governor of the Bank of Ghana, during 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.
“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?” Dr. Asiama asked, emphasizing that banks, policymakers, and development partners all have a role to play in supporting the country’s SMEs.
He explained that focusing on local markets first allows SMEs to strengthen operations, build reliable supply chains, and understand consumer needs without the high risks of international competition. Domestic scaling also helps firms test new products, improve efficiency, and adopt sustainable practices gradually, preparing them for the stricter standards and expectations of global buyers.
Regional markets, particularly under the African Continental Free Trade Area (AfCFTA), provide a critical training ground. SMEs can gain experience with cross-border logistics, regional regulations, and larger-scale orders while still operating in familiar environments.
This incremental approach reduces risk, builds confidence, and allows companies to develop operational resilience before entering global markets. According to Dr. Asiama, “Staying competitive will depend not only on productivity and quality, but also on SMEs’ ability to meet evolving standards, including ethical sourcing, traceability, and sustainability.”
Beyond preparation, scaling locally and regionally offers tangible advantages: firms can build strong brand recognition, forge partnerships with anchor companies, access regional financing, and learn from structured distribution networks. These connections often become stepping stones to global contracts, helping SMEs compete effectively while avoiding the pitfalls of premature international expansion.
Dr. Asiama emphasized that banks and financial institutions play a central role in this process, not only by providing finance but also by advising SMEs on compliance, risk management, and sustainable growth strategies. Collaboration between smaller firms and larger anchor companies further accelerates learning, exposing SMEs to international quality standards, advanced technologies, and operational best practices.
The Governor further called for coordinated action among policymakers, financial institutions, and development partners to create a supportive ecosystem, where Ghanaian SMEs can grow locally, expand regionally, and confidently step onto the global stage, building resilience, higher revenues, and sustainable employment opportunities.
