By Eugene Davis
Ghana’s future competitiveness will hinge on how effectively the country empowers its SMEs, who are not peripheral players but the true engines of jobs, innovation, and inclusive growth, Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has underscored.
Delivering a keynote address at a workshop on Supporting SMEs into Sustainable Global Value Chains in Accra, Dr. Asiama highlighted that for SMEs to fulfill this role, they must be fully integrated into regional and global value chains where standards are higher but opportunities and rewards are greater.
“To our banks, I urge you to reimagine SME finance. Move beyond collateral-based lending and embrace innovative approaches such as supply-chain finance, risk-sharing tools, and partnerships with development finance institutions. Our SMEs are not risky outliers; they are the future growth drivers of your portfolios,” he charged.
He further encouraged SMEs to embrace formalization, digitization, and compliance with global standards, noting that these are no longer regulatory burdens but passports to larger, more profitable markets. With inflation declining, the cedi more stable, and reserves improving, he said the conditions are ripe for SMEs to grow with confidence.
To policymakers and development partners, Dr. Asiama called for deeper collaboration to strengthen trade facilitation, supplier development, and investment in digital and financial infrastructure—critical pillars to unlock the entrepreneurial potential of Ghanaian SMEs.
BoG’s Commitment
Highlighting the Bank’s ongoing efforts, he noted that through financial sector reforms, banks have stronger capital buffers, improved supervision, and enhanced risk management, creating a more resilient system. The Bank has also:
Expanded digital finance infrastructure to broaden SME access.
Strengthened credit systems with bureaus and a Collateral Registry.
Fostered collaboration via the Financial Stability Council.
Promoted green finance to align with global sustainability standards.
Dr. Asiama also stressed the importance of ongoing forex reforms to build a transparent, rules-based FX market that provides certainty for businesses. These reforms, aligned with Ghana’s dedollarisation agenda, aim to promote cedi-based transactions, strengthen reserves, and ensure lasting stability.
“FX stability is not just about defending the cedi; it is about creating a predictable environment that allows SMEs to trade and compete regionally and globally,” he explained.
He concluded that if Ghana succeeds in enabling SMEs to step confidently into global value chains, it will not only transform enterprises but also transform lives, create decent jobs, and build lasting prosperity.
The event was organized under the auspices of the Ghana Association of Banks (GAB) in collaboration with Afreximbank, the Trade and Development Bank (TDB), and the African Development Bank (AfDB).
