Historical analysis · current-data companion
GSS reports consumer inflation of 5.0% in August 2026 and producer inflation of 4.4%. These update the operating-cost context, not the Enterprise Survey’s firm-finance responses. A current financing assessment still requires dated bank quotations, total fees, collateral conditions and borrower cash-flow evidence.
Read the September 2026 data briefing →Key finding
Finance was the biggest reported obstacle for 40.1% of small firms and 27.9% of large firms: a 12.2-point difference.
What the comparison establishes
The obstacle measure is a respondent’s choice of the most important constraint from a list. The size comparison supports a specific descriptive finding: finance was more frequently prioritised by smaller formal businesses. It does not measure the value of unfunded projects, the proportion of loan applications rejected, or the share of firms that would borrow at a particular interest rate. Those questions require separate indicators and should remain separate in any programme’s baseline.
An account is not a financing outcome
Our interpretation is that programmes measured principally by account opening could miss the question that matters for expansion. An account can support transactions without supporting an investment. Conversely, not using a bank for investment may reflect retained earnings, absence of an investment project, cost concerns or an unsuccessful application. The two published percentages have different meanings and should not be subtracted to announce an unmet credit gap. A useful enquiry must distinguish demand for funding from the conditions under which it is supplied.
Questions for enterprise programmes
Segment prospective borrowers by the purpose and timing of funds: equipment, stock, receivables or an expansion site. Ask whether the firm applied, what happened to the application, and which terms it could realistically service. Compare responses with verifiable cash flows and investment plans. Programme evaluation should track suitable applications, funding received, implementation and repayment, alongside account use. This produces a more informative evidence chain than treating financial inclusion as one indicator. These are research priorities arising from the observed contrast; they are not measured programme impacts.
Method and reference period
This analysis uses the appendix of the World Bank country profile, retaining its one-decimal figures. The survey interviewed 713 firms between February 2023 and February 2024. Small means 5–19 employees; large means at least 100. The population covers formal, non-agricultural private firms in eligible industries. The gap is 40.1 minus 27.9, or 12.2 percentage points. No synthetic credit-market total is estimated.
Limitations
Informal firms and establishments with fewer than five employees are outside the survey scope, so these findings do not represent every Ghanaian microenterprise. The size difference establishes neither causation nor statistical significance. A full microdata study should examine weights, question-specific denominators and uncertainty. This historical brief contains no lending recommendation.
Sources and reuse
- Enterprise Surveys — Ghana 2023 Country Profile
World Bank · Published 2024 (copyright year; precise release day not stated) · Reference period: Survey labelled 2023; fieldwork February 2023–February 2024 · Retrieved 2026-09-12
Source usage conditions
Original editorial desk analysis prepared with AI assistance. No named human signoff or peer review is asserted.