Small and Medium Enterprises (SMEs) have been encouraged to adopt robust and consistent record-keeping practices as a cornerstone for business sustainability, financial credibility and access to funding.
Speaking during the 6th edition of the Access Bank–Deloitte SME Business Interaction Series, held here on Tuesday, Gilbert Yirenkyi Addo, Associate Director at Deloitte Ghana, described poor record-keeping as a major barrier hindering the financial development of many SMEs.
According to him, most businesses were unable to present credible financial statements and documents that were crucial not only for sound business decision-making but also for demonstrating financial credibility to lenders and investors.
The event was attended by key stakeholders in the SME ecosystem to discuss practical solutions for improving business resilience and growth.
“Maintaining accurate records forms the foundation for reliable financial documentation,” Mr Addo emphasised.
He said “Many SMEs fail to meet the basic requirements for accessing loans, often due to poor financial documentation, and this forces them to rely on high-cost credits that ultimately impede their growth and expansion.”
He further explained that proper records were essential in determining actual income and expenses, which were key in calculating a business’s tax liability.
“Without records, you may understate income, which can lead to penalties, or overstate income and pay more tax than necessary,” he added, stressing the importance of transparent bookkeeping.
Speaking to The Ghanaian Times at the event, Pascal Akanlu, Zonal Head for Business Banking at Access Bank Ghana, reiterated the bank’s unwavering commitment to supporting SMEs with a combination of capacity-building, financial education and flexible financing solutions.
“Access Bank continues to empower SMEs through a robust series of training initiatives, digital literacy programs, and tailored financial support, positioning them as key drivers of economic growth and resilience,” Mr Akanlu stated.
He noted that the bank’s SME strategy extended beyond financial access and included advisory services and capacity building designed to strengthen the competitiveness and long-term sustainability of businesses across various sectors.
The event which gathered about 300 participants, formed part of the broader SME Business Interaction Series, jointly organized by Access Bank Ghana and Deloitte Ghana, aimed at equipping small businesses with the skills, knowledge and resources needed to thrive in today’s challenging economic environment.
Previous editions of the series in Tamale, Koforidua, Ho and Kumasi have covered themes such as risk management, business planning, tax compliance, and sustainability.
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