24-Hour-Economy authority, BOG, NIC to roll out credit insurance scheme for SMEs

The 24-Hour Economy Authority is collaborating with the Bank of Ghana (BoG) and the National Insurance Commission (NIC) to develop a credit insurance guarantee scheme aimed at improving access to finance for small and medium-sized enterprises (SMEs).

The proposed scheme is designed to reduce reliance on physical collateral—a major barrier that currently prevents an estimated 95 percent of businesses from securing loans.

Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programmes, Augustus Goosie Tanoh, disclosed this to the media following a meeting between the Ghana National Chamber of Commerce and Industry (GNCCI) and the 24-Hour Economy Secretariat.

He explained that the initiative will be implemented alongside Enterprise Support Organizations (ESOs) to help make SMEs “credit ready.” This support will include strengthening corporate governance, improving financial management, and enhancing market access.

“We are talking to the Bank of Ghana for regulatory forbearance and also the National Insurance Commission to develop and implement a credit insurance guarantee scheme that will allow for loans and credits advanced to SMEs and those in the 24-hour value chain to be insured,” Mr Tanoh said.

“The idea is to resolve the collateral problem but in tandem work to develop what we call Enterprise Support Organizations that basically work with the chosen SMEs, prepare them for credit—to credit readiness in terms of their governance, their financial management, their markets and all the value chain components that make for a good business,” he added.

Private Sector Welcomes Move

First Vice President of GNCCI, Dr. Mrs. Emelia Assiakwa, welcomed the initiative but stressed the need for swift implementation to address persistent financing challenges within the private sector.

She acknowledged that banks have traditionally imposed numerous conditions on lending, while expressing optimism about the new mechanism.

“Looking at the system or the mechanism that is being put in place with the insurance policy and everything, you can be very sure that it wouldn’t be bad at all. It is going to be smooth for the private sector to access some of these facilities,” she said.

Dr. Assiakwa called for sustained government support to ensure the private sector receives the backing it needs, adding that “Ghana will become a better nation” if the support materialises.

Partnership to Be Formalised

The meeting between the GNCCI and the 24-Hour Economy Secretariat focused on a strategic partnership to support SMEs across 17 sectors. The collaboration is expected to be formalised through a Memorandum of Understanding (MoU) and the establishment of a joint technical committee to oversee implementation.