In Ghana, the National Insurance Commission has initiated discussions with the Bank of Ghana and the 24-hour Economy Authority to establish a credit insurance mechanism for small and medium-sized enterprises (SMEs). This system aims to remove one of the main barriers to accessing financing for SMEs: the requirement for physical collateral. It would allow companies to obtain credit without having to pledge assets, thus facilitating their access to bank financing and other forms of credit.
According to the regulator, nearly 95% of SMEs face difficulties in accessing credit due to their inability to provide the guarantees required by financial institutions.
The ongoing discussions focus in particular on a possible relaxation of the regulatory framework by the Bank of Ghana, as well as on the design and implementation of the credit insurance system by the National Insurance Commission. This mechanism would cover loans granted to SMEs, especially those operating in value chains related to the continuous economy, thus reducing dependence on traditional guarantees such as real estate.
Furthermore, authorities plan to establish business support organizations tasked with assisting SMEs in improving their governance and preparing for access to credit.
It is worth noting that the 24-hour Economy Authority was established after the adoption, on February 19, 2026, of the corresponding law by President John Mahama. Its mission is to stimulate private sector participation and support the country’s economic transformation.
