CIMG Lecture: Dalex CEO Joe Jackson Urges Government to Shift SME Strategy Toward “Global Champions”

Chief Executive Officer of Dalex Finance, Joe Jackson, is calling on government to fundamentally rethink its approach to supporting small and medium-sized enterprises (SMEs), arguing that current funding models amount to “economic charity” rather than a deliberate growth strategy.

Speaking at a high-level public lecture organized by the Chartered Institute of Marketing Ghana (CIMG), Mr. Jackson said Ghana must move beyond fragmented SME support and instead focus on building globally competitive companies—what he described as “champions.”

According to him, while SMEs remain the backbone of the Ghanaian economy, many fail to scale beyond their early years due to a lack of structured, long-term investment and strategic nurturing.

“SME funding in Ghana is economic charity, not a growth strategy,” he stated, emphasizing the need for a shift from survival-based financing to intentional development of high-potential firms.

Call for Sector-Based Champions

Mr. Jackson pointed to Ghana’s pharmaceutical industry as an example of what targeted investment and policy alignment can achieve. He noted that over the past decade, deliberate support for selected firms has transformed the sector into a competitive force within West Africa.

“Today, our pharmaceutical sector is something people across West Africa look at and say Ghana is doing something exciting—not just with the companies themselves, but with the entire ecosystem, including technology-driven ancillaries,” he said.

However, he questioned why similar success has not been replicated in other key sectors such as mining, finance, and manufacturing.

“Why is it only pharmaceuticals? Why not mining? Why not finance? Where is our champion?” he asked.

Concerns Over Ghana’s Global Corporate Presence

Mr. Jackson expressed concern that nearly seven decades after independence, Ghana still lacks globally recognized corporate giants.

“Sixty-nine years of independence and we don’t have a single global champion. How many Ghanaian companies are known outside this country?” he quizzed.

He contrasted this with the presence of foreign-owned banks operating in Ghana, including Zenith Bank, Access Bank, Guaranty Trust Bank, and Stanbic Bank, describing them as “somebody else’s champions.”

“We can’t get angry with them for coming to serve us, because we failed to create our own champions,” he said. “But that doesn’t stop us from building ours.”

Defining a ‘Champion’ Economy

Mr. Jackson explained that true “champions” are companies that are sustainable, resilient, and able to outlive their founders.

Drawing a global comparison, he referenced Samsung as an example of a company that has endured leadership challenges yet remains strong due to institutional depth.

“A champion means you are sustainable. You can survive the removal of the founder. You are bigger than an individual,” he said.

Policy Implications

His remarks come at a time when many Ghanaian SMEs struggle to grow beyond their first three years—a challenge often attributed to limited access to capital, weak business structures, and policy inconsistencies.

Mr. Jackson’s call is expected to reignite debate among policymakers, development partners, and private sector leaders on the need to transition from broad-based SME support to a more strategic, sector-focused industrial policy.

“I want to see Ghanaian companies that are bigger than individuals,” he concluded.

The lecture brought together policymakers, business leaders, marketers and finance professionals for what many descried as “necessary disruption” of conventional economic thinking.