The National Insurance Commission is holding discussions with the Bank of Ghana and the 24-Hour Economy Authority to develop a credit insurance guarantee scheme for small and medium-sized enterprises (SMEs).
The proposed scheme would allow SMEs to access credit facilities without pledging physical property as collateral, a hurdle to businesses securing loans or other forms of credit, reported Ghana News Agency. Around 95% of SMEs struggle to access loans because they are unable to provide the collateral demanded by lending institutions.
Presidential Advisor on 24-Hour Economy and Accelerated Export Development Programmes, Augustus Goosie Tanoh, disclosed this to the media. He said, “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 so that we don’t have to rely constantly on property and other physical assets as collateral.”
The authorities will also develop enterprise support organisations (ESOs) that will prepare SMEs to be credit-ready in terms of governance.
The 24-Hour Economy Authority was established after President John Mahama assented to the 24-Hour Economy Authority Bill on 19 February 2026. The Authority is mandated to catalyse private sector participation.