By Jibril Abdul Mumuni
Accra, Nov. 3, GNA – Mr Ebenezer Ghanne, the Chief Executive Officer and Co-founder of WeWire, a virtual asset company, has identified proper bookkeeping as the most critical requirement for Small and Medium-sized Enterprises (SMEs) seeking to access financing through emerging virtual asset and tokenisation platforms.
A virtual asset company—officially known as a Virtual Asset Service Provider (VAPS), is any business that conducts digital asset activities, such as exchanging, transferring, safeguarding, or issuing cryptocurrencies and other blockchain-based tokens on behalf of customers.
Mr Ghanne said while virtual assets presented significant opportunities to help address Africa’s estimated US$80 billion SME financing gap, businesses would remain unable to attract investment without credible financial records.
Speaking at the Africa Virtual Asset Summit (AVAS) in Accra on Tuesday, Mr Ghanne said many SMEs across the continent possessed viable business models but lacked the documentation needed to convince investors and financiers.
The Africa Virtual Asset Summit brought together regulators, policymakers, financial institutions, fintech firms and digital asset industry players to discuss the role of virtual assets in the future of finance. Discussions focused on tokenisation, blockchain technology, digital payments and strategies to expand financial inclusion across Africa.
Africa’s SMEs are estimated to face an annual financing gap of about US$80 billion, according to development finance institutions.
SMEs account for most businesses and jobs across the continent but often struggle to access credit due to inadequate collateral, limited credit histories and weak financial record-keeping.
In recent years, financial technology firms have increasingly explored blockchain technology and asset tokenisation as alternative means of mobilising capital for underserved businesses.
Tokenisation involves converting ownership rights or financial assets into digital tokens that can be traded on secure digital platforms, broadening access to investors.
Mr Ghanne said: “I think the first thing businesses in Africa need to do is proper bookkeeping.”
He explained that investors required clear and verifiable information on a company’s revenues, profitability, receivables and overall financial health before committing funds.
According to him, inadequate record-keeping often prevented businesses from demonstrating their true value and growth potential to potential investors.
Mr. Ghanne said SMEs must also formalise their operations by registering their businesses and maintaining a clear distinction between personal and business finances.
Such measures, he noted, would improve transparency, strengthen corporate governance and increase investor confidence.
Mr Ghanne said WeWire was working with businesses to improve their financial and operational structures to make them eligible for alternative financing opportunities.
He explained that the company was leveraging trade finance tokenisation, which transforms financial assets into digital tokens that can be invested in through regulated platforms.
“The challenge is not always the lack of capital. Sometimes the challenge is making businesses investable,” he said.
Mr Ghanne noted that many institutional investors and fund managers were interested in supporting businesses but were restricted by investment mandates that limited direct investments in SMEs.
However, he said tokenisation could help close the financing gap by turning real business assets into investment products that are easier for investors and regulators to accept.
He stated that the approach could unlock new pools of capital for SMEs while helping banks and financial institutions overcome liquidity and collateral constraints that often restrict lending.
According to him, tokenisation could also expand international access to Ghanaian investment products by enabling investors from different jurisdictions to participate in local financial markets.
Mr Ghanne commended regulators for efforts to develop clearer frameworks for the digital asset industry, stressing that regulatory certainty would be essential to promoting innovation while protecting investors.
Mr Ghanne expressed optimism that Ghana could emerge as a leading hub for digital asset innovation on the continent if regulatory reforms and private-sector participation continued to advance.
GNA
Edited by Benjamin Mensah
Reporter: Jibril Abdul Mumuni
Email: [email protected]