Small and Medium Enterprises (SMEs) are the backbone of Ghana’s economy, driving innovation, creating jobs, and contributing significantly to GDP. Yet, despite their vital role, many SMEs continue to operate without the essential systems and structures needed for long-term sustainability. If these gaps remain unaddressed, they will continue to limit profitability, hinder growth, and weaken their ability to compete.

Over the years, banks have worked to bring SMEs into the financial system, often through soft loans and other credit facilities. However, repayment rates have frequently fallen short of expectations. The underlying cause is not merely unwillingness, but deep-rooted structural deficiencies — a lack of administrative capacity, weak accounting practices, and inadequate operational systems.

This presents a unique opportunity for small accounting and business support firms. Instead of competing head-on with industry giants, these firms could strategically focus on SMEs, offering affordable bookkeeping, financial management, and operational consulting services. This support would not only help SMEs maintain accurate financial records but also build the capacity to repay loans on time. The result? Increased trust between banks and businesses, better risk management, and potentially lower interest rates for the sector.

At the policy level, the Office of the Registrar of Companies should ensure that all businesses, regardless of size, are formally registered. Formal registration opens the door for SMEs to access structured support, financing, and training opportunities.

Most importantly, SME owners themselves must understand why these changes matter. Education on business management, record-keeping, and compliance is not just a bureaucratic requirement — it is the foundation for sustainable growth.

If we can align the efforts of financial institutions, support service providers, policymakers, and business owners, Ghana’s SMEs will not only survive but thrive — becoming even stronger engines of economic growth.