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

The initiative is designed to reduce reliance on physical collateral, which currently limits about 95% of businesses from securing loans.

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

He explained that the scheme will be implemented alongside Enterprise Support Organizations (ESOs), which will help SMEs become “credit ready” by strengthening corporate governance, improving financial management, and enhancing market access.

“We are working with the Bank of Ghana for regulatory forbearance and with the National Insurance Commission to develop a credit insurance guarantee scheme. This will allow loans and credits advanced to SMEs and those in the 24-hour value chain to be insured, reducing the need for property or other physical assets as collateral,” Tanoh said.

First Vice President of GNCCI, Dr. Emelia Assiakwa, welcomed the initiative but emphasized the importance of swift implementation to address persistent financing challenges in the private sector.

“The mechanism being put in place, including the insurance policy, will make it easier for businesses to access finance. With government support, this will help strengthen the private sector and contribute to Ghana’s economic growth,” she said.

The meeting focused on a strategic partnership to support SMEs across 17 sectors. The collaboration will be formalized through a Memorandum of Understanding (MOU) and the creation of a joint technical committee to oversee implementation.