By Benjamin Nii Nai Anyetei
Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has called on banks to place small and medium-scale enterprises (SMEs) at the heart of their financing strategies, stressing that the sector is key to Ghana’s sustainable economic transformation.
Speaking at a workshop organised by the Ghana Association of Banks in Accra on Thursday, September 11, Dr. Asiama noted that “finance remains the oxygen of enterprise,” and urged banks to move beyond traditional collateral-based lending, which often excludes SMEs.
He pointed to innovative approaches such as cash-flow lending, purchase-order financing, and supply-chain finance, which have been successfully adopted in Asia and Latin America, allowing SMEs to leverage the creditworthiness of anchor buyers. He stressed that Ghanaian banks could apply similar models in priority sectors like cocoa, agro-processing, and manufacturing.
The BoG Governor also encouraged banks to utilise risk-sharing tools such as the Ghana Incentive-Based Risk-Sharing System for Agricultural Lending (GIRSAL), which can de-risk SME lending and drive job creation. He further urged closer partnerships with development finance institutions (DFIs) such as Afreximbank and the African Development Bank, which already provide blended finance and trade lines that could support local industries.
Highlighting the role of digital innovation, Dr. Asiama advocated for banks to embrace e-invoicing, digital payments, and electronic trade documentation, which would reduce friction and improve trust. He also called for bundled services that go beyond capital, offering SMEs advisory support in certification, traceability, and sustainability standards.
Outlining what the Bank of Ghana itself is doing to support the SME ecosystem, Dr. Asiama referenced the recent financial sector reforms, strengthened supervisory frameworks, and ongoing efforts to improve risk management and credit infrastructure. He noted that Ghana now has functional credit bureaus and a collateral registry to support more responsible lending.
He also stressed BoG’s commitment to advancing digital finance, open banking, and guidelines for virtual asset service providers to ensure innovation and security. Additionally, he underlined the importance of green and transition finance, urging banks to align with climate-conscious lending models already shaping global markets.
“SMEs must now thrive because Ghana’s banking system is more resilient, investor confidence is returning, and the financial architecture is in place. What is needed is for banks to seize this opportunity and walk alongside SMEs into sustainable value chains,” Dr. Asiama said.
