Access to finance still tough for small businesses – Ghana–SA Business Chamber boss

The President of the Ghana–South Africa Business Chamber, Grant Webber, has highlighted access to finance as one of the biggest challenges facing small businesses in Ghana and across the world.

Speaking on the Business Breakfast show on Zed 101.9FM, Mr Webber explained that starting a business is often the most difficult stage, requiring significant financial investment before entrepreneurs can even make their first sale.

“Access to finance is always hard. It doesn’t matter if you’re in Ghana or anywhere else; small firms everywhere struggle to attract funding. You must rely on personal savings to cover costs, which can be very high,” he said.

He further stressed the importance of building an online presence, investing in branding and setting up basic structures, all of which add to the financial burden on startups.

Mr Webber pointed out that the rise of private markets has created new financing opportunities for businesses.

“Up until about a decade ago, small firms relied almost entirely on banks, family and friends for funding. But today, venture capital and private equity have become crucial in filling that gap, with billions of dollars now available to support businesses at various stages,” he explained.

Mr Webber added that joint ventures remain an essential tool for raising capital, as funds can invest in businesses in exchange for a negotiated stake.

This, he said, allows entrepreneurs to access the resources they need while sharing ownership with investors.

“The private markets are doing what banks cannot do. They provide equity financing, which is critical for startups and growing firms. With joint ventures and subsequent fundraising rounds, businesses can steadily expand and scale,” Mr Webber emphasised.