GHASALC Members Urged to Innovate and Collaborate to Empower MSMEs
Senior Partner at law firm AB & David, Dr David Ofosu-Dorte, has called on members of the Ghana Association of Savings and Loans Companies (GHASALC) to adopt innovative approaches and strategic collaborations to better support micro, small and medium enterprises (MSMEs) in Ghana.
Speaking at the 15th Annual General Meeting (AGM) of GHASALC in Accra, held under the theme “Empowering MSMEs For Inclusive Growth,” Dr Ofosu-Dorte underscored the need for the savings and loans sector to rethink traditional approaches to lending and financing.
“I encourage you to create new asset classes, adopt new thinking, and move beyond the cliché of thinking outside the box,” he stated. “Too often, those who claim to be thinking outside the box simply create a new box. Real change comes from looking around us and identifying practical solutions.”
He proposed the development of innovative financial instruments such as community warehouse receipt systems that can serve as collateral for MSME loans, particularly in rural areas. According to Dr Ofosu-Dorte, the establishment of community warehouses, in partnership with institutions like the Bank of Ghana and research bodies such as the Council for Scientific and Industrial Research (CSIR), could help small-scale traders such as plantain and tomato sellers preserve and securitise their produce, thereby enhancing their access to credit.
“These are the kinds of practical solutions that can bring real transformation,” he emphasised.
Dr Ofosu-Dorte further highlighted the strategic opportunity presented by the current political transition, urging GHASALC members to engage with the new government to avoid past policy missteps and create an enabling environment for the sector’s growth.
“You have a unique chance to influence the new administration to support your recovery and expansion. Your strategic plan must focus on inclusivity, governance improvement, skills development, collaboration and resource mobilisation,” he said.
He cautioned that the relevance of GHASALC and its members would be measured not only by the number of customers served but also by the sector’s ability to reduce the cost of capital and improve access to finance for MSMEs.
“It doesn’t matter how many people you serve if your customers continue to face challenges in accessing funds or if the cost of borrowing remains high,” he warned. “Only by truly empowering MSMEs can you remain relevant and impactful.”
The 15th AGM brought together key stakeholders from the savings and loans sector to deliberate on strategies for fostering inclusive growth and enhancing the financial resilience of MSMEs, which constitute the backbone of Ghana’s economy.
