Experts convened by the UK-Ghana Chamber of Commerce (UKGCC) and Deloitte Ghana have raised fresh concerns about Ghana’s ability to translate its macroeconomic rebound into real gains for small businesses, warning that cheap money alone will not fix the structural barriers holding small and medium enterprises (SMEs) back.
Speaking at the webinar titled “Ghana’s Economic Reset: What it Means for Investors and SMEs,” panellists acknowledged the scale of Ghana’s turnaround, noting that inflation, which peaked above 50% in 2022, had fallen to approximately 3.3% by February 2026, and that the Ghana Cedi ranked among the world’s strongest-performing currencies in 2025. Gross international reserves have reached $13.8 billion, reinforcing that confidence in the economy is rebuilding.
But the panel was direct about what the numbers do not fix. Cedric McAddy, Head of Micro and Small Enterprises at GCB Bank PLC, said access to affordable finance remains a major constraint despite the improving environment, with banks still pricing SMEs as high-risk due to weak financial records, insufficient collateral, and inconsistent cash flows. He called for a shift away from traditional lending models toward cashflow-based assessments, digital transaction reviews, and flexible repayment structures.
Amma Gyampo, Chief Executive Officer of the Ghana Venture Capital and Private Equity Association (GVCA), pointed to weak business models and limited integration into value chains as further obstacles preventing SMEs from scaling.
One of the sharpest data points of the session came from Gyampo and Dr. George Obodum Kusi Asafo-Agyei, Director of Monitoring and Evaluation at the Ghana Investment Promotion Centre (GIPC), who noted that roughly 75% of remittances flowing into Ghana are absorbed by household consumption, with less than 20% directed toward SMEs or capital markets. Panellists said this pattern risks entrenching Ghana as a consumption-driven economy rather than a productive one.
Cheryl Otoo, Senior Manager at Deloitte Ghana, added that widespread ignorance of available policies, incentives, and support systems was compounding the problem, urging SMEs to seek advisory support and engage directly with institutions such as the GIPC.
The panel also questioned whether the government’s 24-Hour Economy policy, on its own, is sufficient to position SMEs for growth, calling instead for enterprise quality, financial system reform, and more efficient capital allocation to capture the full dividend of Ghana’s economic recovery.
The webinar was moderated by Deloitte Ghana’s George Annang.
