BoG Governor Dr Johnson Asiama
Governor of the Bank of Ghana, Dr Johnson Asiama, says Ghana’s improving macroeconomic stability, particularly the strengthening of the cedi, has created the right conditions for small and medium-sized enterprises (SMEs) to scale and compete in regional and global markets.
Speaking at a two-day workshop on Supporting SMEs to (Sustainable) Global Value Chains, organized by the Ghana Association of Banks in collaboration with Afreximbank, the African Development Bank, and the Trade and Development Bank, Dr. Asiama said foreign exchange reforms are helping to build a more transparent and predictable market that directly benefits SMEs engaged in trade.
“For SMEs importing machinery, exporting goods, or planning investments, FX stability and transparency shape pricing, determine competitiveness, and often decide whether a business survives,” he noted. “With inflation declining, the cedi more stable, and reserves improving, the conditions are now right for SMEs to grow with confidence.”
He stressed that stable currency and declining inflation reduce uncertainty for entrepreneurs, making it easier for them to price exports, secure inputs, and plan long-term investments. This, he said, provides a foundation for SMEs to enter regional and global value chains, where opportunities for growth, jobs, and innovation are greater.
Dr. Asiama, however, urged banks to reimagine their role in SME financing by moving beyond collateral-based lending. He advocated innovative approaches such as supply-chain finance, risk-sharing tools, and partnerships with development finance institutions to unlock the potential of Ghana’s SMEs.
“SMEs are not risky outliers; they are the future drivers of jobs, innovation, and inclusive growth. If we equip them with finance and stability, they can become true global players,” he added.
The workshop, held at the Mövenpick Ambassador Hotel in Accra, brought together policymakers, development partners, and banking leaders to explore strategies for integrating Ghanaian SMEs into sustainable value chains.
