Accra, Ghana (December 8, 2025) – Ghana’s financial and policy leaders have renewed calls for stronger collaboration across the country’s financial ecosystem to close the estimated $5 billion SME financing gap. This call emerged during a high-level roundtable convened by CrossBoundary Advisory, in partnership with the Mastercard Foundation through the BRIDGE-in Agriculture program. The event brought together more than 50 leaders from the banking sector, enterprise community, and government to examine practical ways to mobilize domestic capital for SMEs at scale.
SMEs represent 92% of all business enterprises in Ghana, contribute 60–70% of GDP, and account for 70–80% of national employment. Despite this central role, access to capital remains one of their greatest barriers, limiting their growth potential and ability to create jobs. Stakeholders agreed that while traditional banks provide support, deep structural gaps—such as high interest rates, steep collateral requirements, and limited understanding of sector-specific business models—continue to restrict SME financing.
The roundtable explored how Ghana can better position its financial players to attract more dynamic capital structures while designing financing models suited to local realities. The session was moderated by Fanta Conde, Partner at CrossBoundary Advisory, and featured:
- Pearl Nkrumah, Managing Director, Access Bank
- Charlotte Amanquah, Regional Head of Commercial Banking (Anglophone West Africa), Ecobank
- Dr. Ishmael Dodoo, Head of Innovative Finance, Partnerships & 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
Entrepreneurs’ Realities and the Call for Patient Capital
Entrepreneurs at the roundtable shared real-world financing constraints. Alfred Otoo, operating in the cassava processing value chain, described the long and capital-intensive route from R&D to commercial-scale production.
“SMEs like ours struggle to access working capital because lenders cite lack of revenue as a concern,” he 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.”
Speakers emphasized the need for greater ecosystem collaboration and capacity-building. Pearl Nkrumah encouraged SMEs to engage actively with the training and support programs developed by banks to improve creditworthiness and operational efficiency.
Building Trusted Financial Infrastructure
One of the strongest points of consensus was the urgent need for a central credit-scoring system to unify data from banks, telcos, fintechs, and other financial service providers.
“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.”
A unified infrastructure would reduce information asymmetry, improve risk assessment, and encourage banks to expand SME portfolios.
Mobilizing Pension Funds and Long-term Capital
Kwadwo Adjei-Barwuah stressed that pension funds are well-positioned to serve SMEs needing long-term financing.
“Some SMEs need one- or two-year facilities, but many need five, six, seven years, and that matches the investment horizons of pension funds.”
Dr. Dodoo added that domestic institutions must demonstrate confidence in the local market before expecting international investors to step in. He added that government is already working with the Bank of Ghana, GIRSAL, and commercial banks to test targeted financing solutions.
“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.”
So far, the government has mobilized $500 million for this purpose.
A Pathway Forward for Ghana’s SME Financing Landscape
The roundtable concluded with a shared roadmap anchored on policy reforms, technological innovation, and coordinated multi-stakeholder action. Key next steps include:
- Establishing a central, trusted credit scoring system to harmonize data.
- Developing financing models that assess cashflows at multiple stages of business growth.
- Enabling pension funds to increase their exposure to SME financing.
- Involving private credit investors and micro-lending institutions to complement traditional banks.
- Deploying blended finance to de-risk lending and reduce borrowing costs.
- Leveraging technology to standardize production models and value chain processes in agriculture.
- Enhancing collaboration with the Bank of Ghana to address base rate and provisioning constraints.
Participants agreed that thoughtful design, innovative funding structures, and strong partnerships across government, financial institutions, private investors, and SMEs can fundamentally reshape SME access to capital in Ghana.
About BRIDGE-in Agriculture
BRIDGE-in Agriculture is a five-year Mastercard Foundation program implemented in partnership with CrossBoundary Advisory, commercial banks, business development service providers, and technology partners. It aims to expand access to affordable capital and capacity building for agriculture SMEs. The Foundation has allocated $87 million to participating banks to offer loans at a maximum interest rate of 7%, with a target to create 400,000 dignified jobs, 70% of which will benefit women.
More information: www.bridgeinagric.com
About CrossBoundary Advisory
CrossBoundary Group is a mission-driven investment advisory firm working to unlock capital for sustainable growth in underserved markets. The firm has advised on more than US$12 billion worth of transactions across agriculture, health, education, manufacturing, infrastructure, and energy.
More information: www.crossboundary.com
About the Mastercard Foundation
The Mastercard Foundation works to advance education and financial inclusion for young people across Africa and Indigenous youth in Canada. Its flagship Young Africa Works strategy aims to enable 30 million young Africans to access dignified and fulfilling work by 2030.
More information: www.mastercardfdn.org
For media inquiries:
Edudzi Nyomi
Communications Specialist, CrossBoundary Advisory
Email: edudzi.nyomi@crossboundary.com
Phone: +233 26 766 3397
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