The Bank of Ghana (BoG) will launch digital platforms to help small businesses and individuals raise capital via mobile phones. This initiative aims to address long-standing financing gaps for Small and Medium-sized Enterprises (SMEs) in Ghana.
Bank of Ghana Governor, Dr. Johnson Pandit Asiama, disclosed this plan at the Ghana-UK Investment Summit 2026 in London. The central bank is developing technological solutions to expand access to financing beyond traditional banking channels. This move seeks to deepen financial inclusion and foster entrepreneurship across the country.
This initiative fits into Ghana's broader economic strategy to support job creation and local business growth. SMEs are crucial for household incomes and economic development. The proposal comes as many small businesses still struggle to secure affordable credit from banks. This occurs despite recent improvements in macroeconomic conditions and falling interest rates.
Dr. Asiama stated the vision is for entrepreneurs to mobilise funds directly through these digital platforms. He mentioned it should be possible for someone to raise amounts, such as GHS 20,000, on their phone. This refers to small-scale vendors like 'waakye' sellers. He confirmed the bank is actively working on the technological aspects of this system.
Expanding access to finance is a critical component of Ghana's economic transformation agenda. Dr. Asiama noted that financial technology advances create new opportunities for businesses to connect with investors. These digital solutions can more efficiently bridge financing gaps that hinder small enterprise growth. For small traders, artisans, and informal businesses, conventional bank loans are often hard to access. Reasons include collateral requirements, documentation challenges, and perceived lending risks.
A well-regulated digital fundraising platform could provide an alternative channel for businesses needing capital. This capital would enable them to restock, expand production, buy equipment, or support working capital. The success of this system depends on strong investor protection rules and reliable identity verification. It will also require credit risk assessment, anti-fraud safeguards, and data protection. Transparent disclosure standards and clear accountability for platform operators are equally vital.
The Bank of Ghana sees this as an opportunity to expand financial inclusion and connect domestic savings directly to productive small businesses. If implemented effectively, the initiative could channel passive savings into enterprise growth. This would support jobs and productivity at the lower economic strata. However, poor design could expose vulnerable savers and small businesses to fraud and weak governance.
Governor Asiama emphasized that Ghana's next phase of financial inclusion must move beyond mobile money transactions and digital payments. It must also empower businesses to raise the capital they need for growth. Access to finance should increasingly be available through a phone and a trusted, properly regulated digital financial system.