Deputy Minority Whip Jerry Ahmed Shaib has called for sweeping reforms in Ghana’s financial sector, warning that persistently high borrowing costs and rigid lending structures are choking the growth of Small and Medium-sized Enterprises (SMEs).
Speaking on the second day of the Kwahu Business Festival on Saturday, April 4, 2026, Shaib said there is growing concern among businesses over how policies are formulated and implemented without adequate engagement from industry players, a pattern he described as both troubling and consistent.
He urged financial institutions to develop tailored credit products that respond to the specific realities of SMEs, arguing that closing the financing gap is essential to unlocking the sector’s potential as the backbone of Ghana’s economy.
Among the policy measures he proposed are mandatory impact assessments for new taxes and levies, to ensure that fiscal decisions do not impose unintended burdens on businesses. He also called for stronger parliamentary oversight of the country’s artificial intelligence (AI)-driven customs assessment system to improve transparency, and a comprehensive review of utility tariffs to address rising and unpredictable costs facing businesses.
“Across every sector our caucus has engaged, from employers to manufacturers to traders, the same experience is reported,” he said, adding that feedback from stakeholders points to a recurring failure to incorporate their contributions into policy.
He argued that transparency and predictability in both taxation and utility pricing are prerequisites for a stable business environment, and that implementing these reforms would support not only SMEs but the development of sustainable and innovative industries more broadly.
The 2026 Kwahu Business Forum was held under the theme “The Future of Business: The Role of the Financial Sector” at the Kwahu Convention Centre in Mpraeso in the Eastern Region.
