Dr. Johnson P. Asiama, Governor of the Bank of Ghana, at the workshop organized by the Ghana Association of Banks (GAB), in collaboration with Afreximbank, Trade and Development Bank (TDB), and the African Development Bank (AfDB), has reiterated the pivotal role Small and Medium Enterprises in driving jobs, innovation, and inclusive growth stressing critical roles SMEs are playing to bolster Ghana’s economic future.
In his keynote address, Dr. Asiama underscored that Ghana’s future competitiveness hinges on the effective integration of SMEs into regional and global value chains. “They are not peripheral actors; they are the engines of jobs, innovation, and inclusive growth,” he stated. To unlock this potential, the Governor called on Ghanaian banks to rethink their approach to SME financing. Moving beyond traditional collateral-based lending, he urged financial institutions to adopt innovative solutions such as supply-chain finance, risk-sharing arrangements, and partnerships with development finance institutions, to better support SMEs in accessing capital.
The address also highlighted the importance of formalization, digitization, and adherence to international standards for SMEs-“compliance is no longer just a regulatory requirement; it is your passport to larger, more profitable markets,” Dr. Asiama emphasized. With Ghana experiencing declining inflation, a stable cedi, and improving reserves, the macroeconomic environment is now conducive for SMEs to grow with confidence and scale their operations globally.
Policymakers and development partners were called upon to deepen trade facilitation efforts, support supplier development, and invest in digital and financial infrastructure that enable entrepreneurs to thrive in a competitive global landscape. The Bank of Ghana reaffirmed its commitment to maintaining macroeconomic stability, strengthening the financial system, and building the digital and regulatory frameworks necessary for inclusive growth.
This strategic focus on integrating SMEs into global value chains aims to transform local enterprises, create decent employment opportunities, and foster long-term prosperity. As Dr. Asiama concluded, enabling Ghanaian SMEs to participate fully in international markets will not only boost economic resilience but also uplift lives across the nation, positioning Ghana for sustainable economic growth in the years ahead.
