Trade Minister Calls for Stronger SME Financing to Drive Africa’s Economic Transformation
The Minister for Trade, Agribusiness and Industry, Hon. Elizabeth Ofosu-Adjare, has called for stronger financing mechanisms, improved trade facilitation and increased value addition to enable African businesses to benefit fully from the opportunities created by the African Continental Free Trade Area (AfCFTA).
She made the call on Wednesday, August 26, 2026, when she delivered the keynote address as Hostess and Guest of Honour at the 2026 AFLIGA Thought Leadership Series, held at the La Palm Royal Beach Hotel in Accra. The event was on the theme: “Re-Imagining Africa’s SMEs Financing, Trade, Governance and Economic Development Goals in the Next Decade: Any Hope for Agenda 2063?
The Minister said Micro, Small and Medium Enterprises (MSMEs) remained critical to Africa’s economic development, but many continued to face challenges in accessing affordable and suitable finance.
She noted that access to finance must be complemented by access to markets, efficient border processes, reliable payment systems, affordable logistics and quality infrastructure.
She highlighted the role of the AfCFTA in opening new markets for African businesses, noting that while Africa’s merchandise trade reached approximately US$1.5 trillion in 2025, intra-African trade stood at about US$213.8 billion, indicating significant untapped opportunities within the continent.
Hon. Ofosu-Adjare further stressed the need for Africa to process more of its agricultural and natural resources locally to create jobs, strengthen manufacturing and retain greater value on the continent.
She cited Government initiatives including the Feed the Industry Programme, 24-Hour Economy and Accelerated Export Development Programme as efforts to strengthen the connection between agriculture, industry and export development.
She also highlighted Government’s support for enterprise development through the Ghana Enterprises Agency (GEA) and the Ghana Export Promotion Authority (GEPA), as well as steps towards establishing a Women Development Bank to better support women entrepreneurs.
Chairperson of the event and Member of the Council of State, H.E. Mrs Betty Mould-Iddrisu, called for stronger commitment and practical action to translate Africa’s development aspirations into tangible benefits for its people.
She emphasised the need for greater collaboration among governments, the private sector, financial institutions and development partners to create an enabling environment for businesses to grow.
She noted that empowering SMEs through access to finance, markets and opportunities would be essential to driving sustainable economic growth and making the aspirations of Agenda 2063 a reality.
The Minister expressed optimism about the future of Africa but stressed that the success of Agenda 2063 would ultimately be measured by tangible improvements in the lives of citizens.
She said Africans should not have to wait until 2063 to experience the benefits of the continental development agenda, but should begin to see progress through growing businesses, increased local processing and manufacturing, easier cross-border trade and greater economic opportunities for women and young people.
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