Reforms Needed to Unlock SME Growth, Says Deputy Minority Whip -

The Deputy Minority Whip, Jerry Ahmed Shaib, has called for comprehensive reforms in Ghana’s financial sector, warning that limited access to affordable credit continues to constrain the growth of Small and Medium-sized Enterprises (SMEs).

Speaking at the Kwahu Business Forum at Mpraesu in the Eastern Region, Mr. Shaib said SMEs, widely regarded as the backbone of Ghana’s economy, are struggling to expand due to persistent financing challenges.

He noted that many businesses are unable to secure the capital required for growth and sustainability, largely due to rigid lending structures and high borrowing costs.

Mr. Shaib urged financial institutions to develop tailored products that respond to the specific needs of SMEs, stressing that bridging the financing gap is critical to unlocking the sector’s full potential.

He said reforms in the financial sector must be complemented by broader policy interventions to improve economic governance and enhance business confidence.

Among the measures he proposed is the introduction of mandatory impact assessments for new taxes and levies to ensure that policy decisions do not impose unintended burdens on businesses.

Mr. Shaib also called for strengthened parliamentary oversight of the country’s AI-driven customs assessment system to improve transparency and accountability.

On utility pricing, he advocated a comprehensive review of tariffs, citing concerns over rising and unpredictable costs faced by businesses.

According to him, transparency and predictability in taxation and utility pricing are essential to creating a stable business environment.

Mr. Shaib emphasised that implementing these reforms would not only support SMEs but also promote the development of sustainable and innovative industries within the local economy.

The call comes amid ongoing concerns from industry players over high interest rates, inflation, and increasing operational costs, which continue to affect business performance.

He urged stakeholders to prioritise practical reforms that will improve access to finance, reduce the cost of doing business, and support long-term economic growth.