BoG Governor calls for technology-driven solutions to close MSME financing gap

Bank of Ghana Governor Dr. Johnson Pandit Asiama has called for greater use of technology, data and innovation to address barriers preventing viable micro, small and medium-sized enterprises (MSMEs) from accessing finance.

He said MSMEs remained central to Ghana’s economic activity, creating jobs, supporting livelihoods and driving innovation, but many continued to struggle to secure the credit needed to grow.

Speaking at the Financial Health Leadership Roundtable in Accra on Wednesday, November 4, Dr. Asiama said some businesses with growth potential were unable to access credit because of unfair financing mechanisms.

“Across the country, MSMEs are creating jobs, driving innovation and supporting livelihoods, yet many continue to face significant barriers in accessing finance,” he said.

“Too often, credit is unavailable to businesses with potential simply because of unfair mechanisms.”

Governor Asiama said bridging the financing gap would require the financial sector to leverage technology, data and innovation to broaden access to credit, reduce information gaps and create fairer financing opportunities for businesses.

“Ultimately, bridging this financing gap requires us to leverage technology, data and innovation to broaden credit access, reduce information asymmetries and create pathways for viable businesses to access finance on fair and sustainable terms,” he said.

Dr. Asiama explained that productive and responsible credit was essential to improving financial health because it provided businesses with the capital required to expand operations, innovate and create employment.

He also stressed the importance of designing credit products that supported households and businesses rather than exposing them to unsustainable financial obligations.

The Governor’s remarks come amid broader efforts to deepen financial inclusion and improve access to financial services in Ghana.

Over the past decade, the country has expanded digital financial services through mobile money, interoperable payment systems and fintech innovation.

However, Dr. Asiama said the next phase of development must focus on ensuring that wider access to financial services translates into meaningful improvements in the financial well-being of individuals and businesses.

He called on government, regulators, industry players and development institutions to work together to identify and address the barriers confronting MSMEs.

The roundtable also considered ways to expand productive credit for women and smallholder farmers, strengthen savings and insurance, and improve long-term financial resilience.