The 24-Hour Economy and Accelerated Export Authority and the Ghana National Chamber of Commerce and Industry are to formalise a partnership to support Small and Medium Enterprises (SME).

The decision follows a high-level engagement in Accra, where both parties agreed to collaborate through a Memorandum of Understanding.

The agreement will establish a joint technical committee to advance initiatives on SME financing, enterprise development and improved access to support services.

Mr Augustus Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export, described the engagement as productive and said the partnership would address constraints within the SME ecosystem.

He said the two institutions would set up a joint working committee to align programme implementation and support businesses across the Chamber’s 17 sectors.

Mr Tanoh said discussions were ongoing with the Bank of Ghana and the National Insurance Commission to design a credit insurance guarantee scheme to improve SME access to loans.

He noted that the scheme aimed to reduce reliance on physical collateral, stating that “ninety-five per cent of SMEs struggle to access loans because they cannot provide the collateral demanded by lending institutions.”

Mr Tanoh said the Authority was also developing an Enterprise Support Organisation framework to enhance credit readiness among SMEs.

“The ESOs, once licensed by an appropriate institution, would provide governance, financial management, market preparation and post-credit monitoring to ensure the proper utilisation of funds.

“These mechanisms, when fully developed, will make SMEs more bankable and improve their chances of securing funding while ensuring that the credit is applied for its intended purpose,” he said.

Mr Tanoh said engagements with regulatory bodies were ongoing to outline implementation steps and expressed optimism that progress would be made in the coming months.

Dr Mrs Emelia Assiakwa, Vice President of the Ghana National Chamber of Commerce and Industry, welcomed the collaboration and said the private sector was ready to support the initiative.

“We are ready to work closely with the Authority, and we believe that the implementation of these programmes will begin this year. The private sector needs these interventions as soon as possible,” she said.

Dr Assiakwa raised concerns about challenges businesses faced when dealing with some development banks, including strict conditions and delays in disbursement.

She expressed confidence that the proposed insurance-backed lending model would ease financing constraints for SMEs.

Dr Assiakwa said government support for private sector financing was critical to reducing unemployment and promoting value addition to local resources.

She noted that high import levels, including produce such as tomatoes, could be reduced if local businesses had improved access to finance and markets.