Ghana's next growth story depends on scaling its SMEs

Ghana's improving economic conditions are creating a more credible foundation for private-sector growth. The latest figures from the Ghana Statistical Service show inflation at 4.6 per cent in July 2026, while the economy grew by 6.4 per cent in the first quarter (confirm year). The next test is whether businesses can translate this improved environment into higher productivity, stronger investment, better jobs and greater export capacity.

The conversation is particularly timely as the Ghana National Chamber of Commerce and Industry (GNCCI) prepares to host the second edition of its SME Business Forum & Exhibition (confirm official name) in Kumasi from 26 to 28 August. The forum is being held under the theme, "Driving Growth, Competitiveness, Innovation & Sustainability for Ghana's SMEs," bringing entrepreneurs, investors, policymakers and development partners together around business exhibitions, investment promotion, knowledge sharing, networking and strategic partnerships.

Ghana's SME conversation must move beyond how many businesses exist to how many can grow into productive, competitive and investable companies. A large population of small businesses matters, but national competitiveness depends on firms that can increase production, enter new markets, attract capital, create quality employment and compete beyond Ghana.

Finance remains a major constraint. The World Bank's Ghana Enterprise Survey 2023, based on interviews with 713 formal firms between February 2023 and February 2024, found that 43.3 per cent identified access to finance as the biggest obstacle affecting their operations. Tax rates followed at 22.2 per cent, while electricity was cited by 7.7 per cent.

Finance matters when a company needs machinery, working capital, new production lines or the capacity to fulfil a large order. Money alone, however, does not create scale. A business can secure financing and remain uncompetitive if its production systems are inefficient, management is weak, or quality standards are poor.

Market access makes the scale-up goal even more urgent. Ghanaian businesses are operating within an increasingly integrated African market, with opportunities emerging through trade, investment and regional value chains. Yet market access means little without market readiness. An exporter must produce consistently, meet quality requirements, price competitively, deliver reliably and understand the market it is entering. Export competitiveness is built long before a product reaches an international buyer.

Per its mandate under L.I. 611 of 1968, the GNCCI has, over the years, championed private-sector growth through business advocacy, capacity building, trade and investment missions, business matchmaking, export support and policy dialogue. My work at the Chamber has placed me in many conversations involving businesses, policymakers and development partners about what Ghanaian companies need to grow. One lesson is clear: our businesses do not need more speeches about their potential. They need practical systems that help convert potential into performance.

Government must improve the business environment, infrastructure and policy predictability. Financial institutions must develop financing products that better reflect the needs of productive businesses. Entrepreneurs must strengthen their financial records, governance, management and quality systems. Development partners should design interventions around measurable growth rather than prolonged dependence.

Success must also be measured differently. A business support programme should not end with the number of people trained or businesses reached. We should ask what happened afterwards: How many increased productions? How many entered new markets? How many attracted investments? How many created additional jobs? How many began exporting? These are the measures that can turn SME development into a serious pillar of economic transformation.

Ghana has entrepreneurs, ideas and businesses operating across virtually every part of the economy. Our task now is to create the conditions in which more of them can move beyond survival, invest in productivity and compete successfully across Africa and the world.

A stronger private sector will not be defined simply by how many businesses Ghana has. It will be defined by how many can grow, create value, attract capital and take Ghanaian products and services to the world.