The government has directed state-owned enterprises (SOEs) and covered entities to conduct more transactions with state banks, particularly GCB Bank PLC, as part of efforts to strengthen national financial institutions.
Deputy Finance Minister, Mr. Thomas Nyarko-Ampem, speaking at the Sixth Quadrennial Delegates Conference of the Professional and Managerial Staff Union (PMSU) of GCB Bank, stressed that the policy was not intended to edge out private banks but to reinforce Ghana’s banking independence and ensure that state institutions are positioned to drive national priorities.
“This is not about pushing out private banks. It is about building our own banks strong enough to finance national priorities, especially Micro, Small and Medium Enterprises (MSMEs), which are the backbone of our economy,” he said.
Mr. Nyarko-Ampem noted that MSMEs account for over 90% of businesses in Ghana, employ nearly 80% of the workforce, and contribute around 60% to GDP. At the continental level, he said, six in every ten Africans work in SMEs, with the sector creating eight out of ten new jobs.
He outlined government interventions to create a stronger business environment, including; falling inflation and interest rates for macroeconomic stability, a comprehensive VAT reform in the 2026 Budget to simplify compliance and incentivize local production, The Big Push Initiative, channeling the cedi equivalent of $10 billion into infrastructure.
“These measures show that government is not only stabilizing the economy but also directly investing in skills, entrepreneurship, and infrastructure to ensure MSMEs thrive,” he emphasized.
Deputy TUC Secretary-General, Dr. Kwabena Nyarko Otoo, applauded the PMSU for strengthening internal democracy but urged GCB to provide patient capital to SMEs.
“Too many Ghanaian businesses remain micro-enterprises and collapse when founders retire. They need long-term, affordable financing, not short-term loans that set them up for failure,” he argued, while also calling for protective trade policies to shield local businesses from premature foreign competition.
The conference, held under the theme “Strengthening the MSME Sector for Economic Transformation in Ghana: The Role of GCB Bank PLC,” was described as a platform for aligning unions, government, and the financial sector behind a common agenda for inclusive growth.
