Latest findings from the fourth wave of the Ghana Business Tracker have revealed 85% of firms have found it difficult to access finance post-COVID.
The survey conducted in 2023 by the Ghana Statistical Service in collaboration with the World Bank, the European Union and the United Nations Development Programme (UNDP) has attributed the difficulty mainly due to high interest rates and repayment risks.
“Firms continue to experience difficulties in accessing finance post the COVID-19 pandemic. More than four out of five firms (85%) reported difficulty accessing finance across all size categories, “portions of the report captures.
93.1% of larger firms (100+ employees) per the survey reported difficulties in accessing finance, with 80% of medium-sized firms also reporting the same.
The report highlights the dominant constraints in accessing finance are interest rate (50.9%), unwillingness by financial institutions to offer support (30.0%), high repayment risk (25.8%), and a lack of collateral (16%)
The report also highlights inflation (63.9%), high taxes (53.5%), and currency depreciation (45.3%) remain the top challenges firms say they face in the economy.
The Ghana Business Tracker Survey wave 4 was conducted between April 29 and July 9, 2023, gathering results from 3,157 firms to measure the impact of the pandemic and economic and financial situation on firms.
Source: Ghana/Starrfm.com.gh/103.5FM/Edem Kojo