Accra:Mr. Ebenezer Ghanney, the Chief Executive Officer and Co-founder of WeWire, emphasized the importance of proper bookkeeping for Small and Medium-sized Enterprises (SMEs) aiming to secure financing through virtual asset and tokenisation platforms. He highlighted this while speaking at the Africa Virtual Asset Summit (AVAS) in Accra, where discussions centered on the role of virtual assets in Africa's financial future.
According to Ghana News Agency, Mr. Ghanney noted that although virtual assets could significantly bridge Africa's estimated US$80 billion SME financing gap, the lack of credible financial records remains a barrier to attracting investment. He stressed that many SMEs have viable business models but fail to present the documentation necessary to convince investors and financiers.
The Africa Virtual Asset Summit gathered regulators, policymakers, financial institutions, fintech firms, and digital asset industry players to discuss tokenisation, blockchain technology, digital payments, and strategies for expanding financial inclusion across Africa. SMEs, which comprise most businesses and jobs on the continent, struggle with accessing credit due to insufficient collateral, limited credit histories, and weak financial record-keeping.
Mr. Ghanney explained that investors require clear and verifiable information on a company's financial health before committing funds. He advocated for SMEs to formalize their operations by registering their businesses and maintaining a clear distinction between personal and business finances to enhance transparency and investor confidence.
WeWire is actively working with businesses to improve their financial and operational structures to make them eligible for alternative financing opportunities. The company leverages trade finance tokenisation, transforming financial assets into digital tokens for investment through regulated platforms.
Mr. Ghanney highlighted that the challenge often lies not in the lack of capital but in making businesses investable. He pointed out that tokenisation could unlock new pools of capital for SMEs and help banks and financial institutions overcome liquidity and collateral constraints.
Furthermore, Mr. Ghanney commended regulators for their efforts to develop clearer frameworks for the digital asset industry, emphasizing the need for regulatory certainty to promote innovation while protecting investors. He expressed optimism that Ghana could become a leading hub for digital asset innovation in Africa with continued regulatory reforms and private-sector participation.