MSMEs in Ghana cannot access credit due to lack of financial documentation and credit history

Small and medium enterprises in Ghana face a $4.8 billion credit gap because banks cannot verify their creditworthiness without formal financial records, payment history, or collateral. Traditional lending institutions rely on documentation that most MSMEs lack, leaving them unable to secure loans despite being viable businesses. Current banking infrastructure focuses on payment systems but lacks the credit assessment mechanisms needed to evaluate informal business operators.