SMEs Urged to Adopt Financial Discipline, Strategic Alignment Amid Ghana’s Economic Reset
Senior Manager at Deloitte Ghana, Peter Nii Charway, has urged small and medium-sized enterprises (SMEs) to adopt disciplined and strategic business practices to fully benefit from Ghana’s ongoing economic reset.
Speaking at the UKGCC-Deloitte Investment Readiness Business Webinar Series themed, “Ghana’s Economic Reset: What it Means for Investors and SMEs”, Mr Charway emphasised that while the evolving economic landscape presents new opportunities, SMEs must position themselves to survive and scale through adaptability and structured operations.
According to him, the post-reform economy will increasingly reward well-managed and disciplined businesses rather than those solely reliant on capital, highlighting financial discipline, sector alignment, strategic financing and resilience as critical focus areas.
He explained that strengthening financial discipline remains fundamental to business sustainability, noting that cost management within operations is just as critical as revenue generation in determining profitability.
Mr Charway further advised SMEs to align their operations with high-growth sectors, pointing to areas such as infrastructure, fintech, pharmaceuticals, logistics and healthcare, where government policy support and investment are creating enabling environments for expansion.
On financing, he noted a shift beyond traditional funding models, with growing opportunities in blended finance and public-private partnerships (PPPs), which allow private sector players to take on operational roles while government focuses on regulation and oversight.
He indicated that Ghana’s services sector continues to dominate economic activity, contributing nearly 40 percent to GDP, driven by growth in health, technology, logistics and digital finance. This, he explained, reflects broader structural demand and policy alignment, which are key to sustaining economic expansion.
Additionally, he identified mining, logistics, digital finance and healthcare as structured growth areas, while cautioning that sectors such as retail, luxury real estate and import trading, though potentially lucrative, carry higher risks including demand volatility, financing constraints and exposure to high interest rates.
Mr Charway observed that elevated borrowing costs remain a challenge for businesses, underscoring the need for monetary policy efforts by the central bank to ease interest rates and improve access to affordable capital.
Touching on agriculture, he highlighted cocoa and non-traditional exports such as cashew, oil palm, pineapple and mango as key opportunities, although he noted declining cocoa output in recent years due to illegal mining activities and unsustainable farming practices.
He added that government efforts to revive cocoa production and enhance value addition remain critical, with production targets for the 2025/2026 crop season set at about 750,000 metric tonnes.
On the industrial front, he underscored the growing importance of the gold sector, noting that Ghana has emerged as Africa’s leading gold producer, overtaking South Africa. He added that ongoing reforms, including the establishment of a national gold board, are aimed at strengthening the value chain through improved regulation, processing and export coordination.
Overall, Mr Charway stressed that SMEs that embrace financial discipline, align with growth sectors and leverage emerging financing models will be best positioned to thrive in Ghana’s evolving economic environment.
