Ghana’s financial and policy leaders agree that closing the country’s estimated $5 billion SME financing gap requires stronger coordination between traditional banks, private credit investors, blended finance providers, and SMEs themselves.
This was the central takeaway from a high-level roundtable convened by CrossBoundary Advisory, in partnership with the Mastercard Foundation through BRIDGE-in Agriculture, which brought together over 50 leaders from finance, enterprise, and government to examine how Ghana can mobilize domestic capital at scale.
SMEs make up 92% of all business enterprises in Ghana, contribute 60–70% of the country’s GDP, and account for 70–80% of national employment. Yet these vital businesses have limited access to capital, facing a combined $5 billion financing gap that severely constrains their growth and job creation potential.
While traditional banks provide some support, structural gaps persist in the financial ecosystem. These gaps range from high interest rates and collateral requirements to limited understanding of sector-specific business models. The roundtable assessed these challenges in detail, examining how Ghana can position key players to attract more complex capital structures and adapt financing models to local business realities.
The experts at the table have shaped the country’s financial landscape, designed innovative financing instruments, and championed regulatory reforms that enable greater private sector participation in economic development. Moderated by Fanta Conde, Partner at CrossBoundary Advisory, the session featured:
- Pearl Nkrumah, Managing Director, Access Bank
- Charlotte Amanquah, Regional Head of Commercial Banking for Anglophone West Africa, Ecobank
- Ishmael Dodoo, Head of Innovative Finance, Partnership & Markets, 24-Hour Economy Secretariat
- Kwadwo Adjei-Barwuah, Head of Investments, Growth Investment Partners
- Ashwin Ravichandran, Portfolio Advisor, MEST Africa
- Alfred Otoo, Project Director, Precise AgroProcessing
- Samuel Yeboah, Chief Operating Officer, GIRSAL
Enterprise Perspectives on Financing Realities
Entrepreneurs shared firsthand challenges in accessing and deploying capital. Alfred Otoo described his experience in the cassava processing value chain, where the journey from research and development to commercial-scale planting spans several years and requires substantial working capital.
“SMEs like ours struggle to access working capital because lenders cite lack of revenue as a concern,” Otoo said. “But this is impractical in an industry that requires patience. We need models that work with our realities—receivables-backed lending that unlocks cash to operate.”
Pearl Nkrumah emphasized the need for ecosystem-wide collaboration, calling for SMEs to engage with capacity-building programs tailored by banks.
Building Financial Infrastructure
A critical priority discussed was establishing a central trusted credit scoring system to help banks better profile and assess SMEs. The collaborative infrastructure would standardize risk evaluation and reduce information asymmetries that currently constrain lending decisions.
“We don’t have a lending problem in this country—the problem is that data is siloed,” Pearl Nkrumah said. “Banks and telcos should come together to establish a central scoring system that we can all trust to reduce the risk that we face.”
Unlocking Pension Funds and “Patient” Capital
Kwadwo-Adjei Barwuah highlighted the untapped potential of pension funds and their position to accommodate the long-term needs of most SMEs. “The pension funds should be the readiest, given the amount of capital they have access to and their investment horizons. Some SMEs need one- or two-year facilities, but many need five, six, seven years, and that matches with the investment horizons of these pension funds.”
Dr. Dodoo reinforced this point: “Pension schemes need to be confident in our economy. You can’t bring in capital from innovative external sources if we don’t show ourselves investing first.”
The discussion explored how these players can complement one another, with traditional banks serving established businesses while private credit investors reach market segments and sectors where conventional institutions face constraints, whether regulatory, risk perception, or operational capacity. Pearl Nkrumah emphasized collaboration with micro-lending institutions in bridging the financing gap. “Currently, there are micro-lending agencies that, with backing from banks, will be able to address the needs of the youth and the people in rural areas.”
Using National Strategy to Attract Long-Term Domestic Institutional Capital into SMEs at Scale
Dr. Dodoo revealed that the government is working with the Bank of Ghana, GIRSAL, and some banks to test innovative financing policies and mechanisms to unlock capital for SMEs at scale. He mentioned that the government’s priority is to de-risk the lending environment and create opportunities for more capital flows into the Country.
“We are creating an SME facility with affordable, patient capital for SMEs in partnership with banks,” he said. “As government, we should bring in that capital through our credibility, then on-lend through the banks in ways that meet SME realities.”
According to him, the government has so far mobilized $500 million.
The Way Forward
The roundtable speakers outlined a comprehensive roadmap to close Ghana’s SME financing gap, centered on building financial infrastructure, enabling policy reforms, and reducing sector-specific risks.
A unanimous priority was establishing a central, trusted credit-scoring system that banks can jointly create and access. They emphasized the use of emerging technologies to harmonize data collection across institutions. This infrastructure would leverage data points from outside traditional banking to build comprehensive credit profiles that reduce information lapses currently constraining lending decisions.
Another key point of agreement was the development of financing models that assess cashflows at different business stages. Critical policy changes include enabling pension funds to deploy more capital into SME financing and implementing more flexible provisioning requirements for banks. Speakers also emphasized closer collaboration with the Bank of Ghana on base rate management to make lending more affordable.
For agriculture and key sectors, the speakers emphasized crediting standardized production models and value chain “corridors”, leveraging technology to streamline operations from farm to market, and ensuring clear information flow to farmers and last-mile actors.
These priorities rest on blended finance to catalyze affordable lending, collaborative platforms to reduce costs, and ongoing technical assistance for both banks and SMEs—all while protecting businesses from foreign exchange risks.
The speakers stressed the importance of collaborative platforms that minimize costs of origination, customer onboarding, and monitoring. This includes partnerships among banks, fintech providers, business development service providers, and government agencies to build shared infrastructure and reduce the operational burden of reaching SMEs.
The roundtable reached a consensus that thoughtful design, strong partnerships, and coordinated action across the ecosystem can fundamentally transform SME access to capital in Ghana.
