Governor of the Bank of Ghana (BoG), Dr Johsnon Asiama, has said this is the time for small and medium-scale enterprises (SMEs)to thrive because Ghana is emerging from a period of macroeconomic turbulence with encouraging stability.
He stated that disinflation is taking hold, reserves have strengthened, and investor confidence is returning.
This creates the foundation on which the SMEs must now thrive, he added.
Speaking at a workshop organised by the Ghana Association of Banks (GAB), Dr Asiama said that across the world, SMEs are the backbone of economies, representing about 90% of businesses and over half of global employment. In emerging markets, they contribute up to 40% of GDP.
Yet access to finance remains a major constraint. The World Bank and International Finance Corporation (IFC) estimate a financing gap of up to $8 trillion globally for Micro, Small and Medium Enterprises (MSMEs). That is not just about missed loans, it’s about lost innovation, jobs, and exports, he said.
“This is where global value chains matter. Nearly half of world trade flows through GVCs. For Ghana, integrating our SMEs into these networks is not a peripheral ambition – it is central to building higher incomes, decent jobs, and greater resilience.
“Today, I want to reflect on how we can help our SMEs move from survival to competitiveness, by entering global value chains, by building the right support systems, and by ensuring our financial architecture is aligned with this goal,” he said.
Moving SMEs into Global Value Chains
Dr Asiama said that the question is simple: “how do we move Ghana’s SMEs from the margins of local markets into the heart of global production systems?”
Despite their economic importance, he said, SMEs remain underrepresented in international trade.
Few are exporters, and fewer still are integrated into structured supply chains in agribusiness, manufacturing, digital services, or the green economy, he said.
“The logic of global value chains is clear: prosperity comes from plugging into broader networks where firms specialize, scale, and compete globally. SMEs that succeed in this space gain access to larger demand, better standards, and financing opportunities.”
He further stated that many countries have shown how this can be done.
- Chile paired capability-building with long-term anchor contracts to boost SME productivity.
- Malaysia developed competitive electronics clusters by linking SMEs, multinationals, and research institutions.
- Morocco’s auto sector leveraged supplier development policies to connect local firms to global OEMs.
“In Ghana, the barriers are well known: lack of affordable finance, difficulty meeting export standards, fragmented logistics, and currency volatility. These structural hurdles demand deliberate policy responses. That is why we must also think regionally and locally,” he said.
