Small businesses are the backbone of Ghana’s economy, contributing 70% of GDP and employing 82% of the country’s workforce. Yet, many struggle to grow due to limited access to funding. Business owners find it hard to restock, expand, or even keep up with demand without the right financial support.
A new report explores how business owners use loans to overcome these challenges. The findings show that most borrowers used their loans to grow their business—whether by hiring more workers, adding new inventory, upgrading equipment, or expanding to new locations.
Take Rosemary’s story. She runs a small skincare business and struggles
to meet customer demand. With her loan, she could buy ingredients in bulk, cut
costs, and increase production by 30-40%. This allowed her to meet more orders
on time and helped her hire her sister to assist with marketing. “Without
the loan, I couldn’t have filled my orders. Now, my business is growing, and
I’m even creating jobs,” she shared.
For many small businesses, access to financing means the difference
between staying stuck and scaling up. Whether it’s a food vendor buying more
supplies, a shop owner opening a second location, or a tailor investing in
better sewing machines, the impact is clear—loans are fueling real business
growth.
Visit the Fido
website gh.fido.money to read
the full report.
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