Fidelity Bank Ghana has urged stronger stakeholder collaboration, harmonised trade systems, and targeted institutional support to remove structural barriers limiting the growth of Ghanaian traders and entrepreneurs.
This call comes as Ghana seeks to enhance its position in regional and international trade, with a particular focus on empowering women-led enterprises. The bank identified poor data quality and fragmented customs systems as significant obstacles hindering trade expansion across Ghana and the broader West African region.
Ghana's economic narrative often highlights the need for diversification and increased non-traditional exports. Despite various government initiatives, including the African Continental Free Trade Area (AfCFTA) secretariat being based in Accra, structural issues persist. Data from the Ghana Statistical Service consistently points to challenges in formalising and supporting small and medium-sized enterprises (SMEs), which form the backbone of the economy. Improving trade efficiency directly impacts Ghana's balance of payments and overall economic stability.
Mr. Aaron Ameyaw, Director of Banking Operations at Fidelity Bank, made these points at the Breaking Barriers to Trade conference. He emphasised that while artificial intelligence (AI) offers significant opportunities for trade transformation, its effectiveness relies heavily on accurate and reliable data. Mr. Ameyaw stated, “In Ghana, data is a problem. These AI machine learners thrive on data. And so if your data is not correct, you have big issues.”
The implications of these systemic weaknesses are far-reaching. Without robust data and integrated systems, Ghanaian businesses struggle with compliance, market access, and efficient logistics. This directly affects their competitiveness and ability to participate effectively in global supply chains. Decision-makers in government and financial institutions must prioritise investments in digital infrastructure and data governance. The private sector, including banks like Fidelity, will continue to innovate with solutions like concessionary financing and tailored support programs.
Mr. Ameyaw commended the introduction of the Publican AI System, which complements the Integrated Customs Management System at Ghana’s ports. He noted this demonstrates the potential of technology partnerships to improve trade processes. Fidelity Bank itself leverages digital technology, including robotic process automation, to enhance its internal operations. This initiative improves efficiency and frees human capacity for higher-value activities within the bank. Mr. Ameyaw affirmed, “The good outweighs the bad when it comes to AI. It is important that we get the fundamentals right. Once we get it right, it creates opportunities.”
Further supporting trade growth, Mr. Alex Agyei-Amponsah, Director of SME Banking at Fidelity Bank, detailed the Fidelity Young Entrepreneurs Fund. This fund supports young people aged 18 to 40, with the upper age limit for women extending to 45 years. The program guides entrepreneurs from the idea stage through incubation to become funded and market-ready businesses. It provides financing at concessionary rates and tailored programs to help entrepreneurs meet regulatory and compliance requirements. This crucial support helps overcome barriers that often prevent small businesses from accessing markets. The bank also uses a group-lending model, providing support to organisations like the Federation of Associations of Ghana Exporters. These efforts are vital for fostering a more inclusive and dynamic trade environment in Ghana.