In Ghana’s banking sector, post-2017 cleanup and DDEP, alternatives to traditional finance are crucial for SMEs. From my treasury role at Access Bank Ghana, I’ve seen firms diversify funding. Here are five key alternatives:

1. Venture Capital/Private Equity: Equity funding from investors like Ghana Venture Capital Trust Fund (GVCTF) for startups/high-growth firms. No repayment, but dilution of ownership. Suitable for tech/agro, per BoG’s fintech regs under Act 987. Example: Jumia Ghana’s PE backing.
2. Crowdfunding Platforms: Online raising from individuals via platforms like GoFundMe or local ones (e.g., AgriCrowd). Debt/equity/reward-based. Low cost, but regulatory oversight under BoG’s 2020 Crowdfunding Directive to prevent fraud. Ideal for small projects, as in post-COVID recoveries.
3. Leasing/Asset Finance Companies: Non-bank firms like Fidelity Leasing provide equipment leases without collateral. Off-balance sheet, tax benefits. Complies with BoG outsourcing rules. Example: Construction firms leasing machinery amid high interest rates (22% base).
4. Trade Credit/Supplier Finance: Deferred payments from suppliers, short-term. No interest if timely, improves cash flow. Risks: Supply chain disruptions, as in 2022 inflation. Common in retailing, monitored under Basel operational risks.
5. Government Grants/Subsidies: Funds from schemes like Ghana Enterprises Agency (GEA) or Export Development Fund. Non-repayable for exports/agro. Aligns with BoG sustainable principles. Example: Cashew processors under Planting for Export program.

These reduce bank reliance, enhancing resilience per BoG’s diversification guidelines.