Cheaper credit gives foreign businesses advantage in Ghana - Dr Asamoah

The Founder of A&C Mall, Dr Andrew Kwaku Asamoah, has averred that foreign businesses operating in Ghana enjoy a competitive advantage over local companies due to access to cheaper and longer-term financing from international markets.

According to him, the difficulty Ghanaian businesses face in securing affordable credit has made it challenging for them to compete with foreign investors who borrow at significantly lower interest rates.

Speaking in an interview with Kafui Dey on YouTube, Dr Asamoah noted that Ghanaian banks are not structured to provide long-term loans of 20 to 30 years, which are essential for major infrastructure projects.

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“The banks were not used to this 20‑year, 30‑year long-term loan. For this type of project, you can’t pay in five years. Once you start, maybe in five years, you start seeing that they are really getting into the ground,” he said.

He contrasted this with foreign companies that often arrive with access to financing from their home countries at much lower rates.

“When somebody comes from outside to do business, he has money from, say, a loan there for 3%. You are taking a loan for 40%. How do you work with that?” he questioned.

He said this financing gap explains why foreign firms are often able to expand faster and compete more effectively in Ghana’s market.

The founder of A&C Mall added that governments in other countries support businesses by providing guarantees and systems that enable investors to access affordable funding support that is largely absent in Ghana.

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“The government, when I say government, I mean all governments to date, have no plans to help the industry of Ghana,” he said.

He stressed that local businesses continue to struggle with lending rates often exceeding 25%, making it difficult to sustain growth and compete with imported goods or foreign-backed enterprises.

DR/SA

Foreign businesses in Ghana do better because they take loans from outside at cheaper interest rates whilst the Ghanaian business persons get loans at higher interest rates

Watch full interview here https://t.co/fBIAnO4drZ #KafuiDeyInterviews pic.twitter.com/ILkOSs3dPs

— Kafui Dey (@KafuiDey) July 21, 2026