𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐂𝐚𝐩𝐢𝐭𝐚𝐥: 𝐓𝐡𝐞 𝐏𝐫𝐢𝐦𝐚𝐫𝐲 𝐆𝐫𝐨𝐰𝐭𝐡 𝐁𝐚𝐫𝐫𝐢𝐞𝐫 𝐟𝐨𝐫 𝐖𝐞𝐬𝐭 𝐀𝐟𝐫𝐢𝐜𝐚𝐧 𝐒𝐌𝐄𝐬

Published on 12 June 2026
in "News"

In West Africa, SMEs are not simply one segment of the economy, they are the economy. According to the Central Bank of the West African States, they account for between 80% and 95% of all registered businesses in the WAEMU region. They create jobs, drive innovation, and sustain entire communities.

And yet, most run into the same wall: lack of financing.

The real obstacle isn’t a lack of capital

The problem is often summed up in a simple phrase: “There isn’t enough money.” The reality is more nuanced. Capital does exist. Development finance institutions, investment funds, and financial institutions are actively looking for where to deploy it. The real challenge lies in the gap between investor expectations and business readiness.

Today, funding no longer flows toward ideas; it flows toward enterprises that can demonstrate sound governance, transparent financial management, a clear vision, and a proven capacity to execute. Without these, perceived risk rises sharply, and financing retreats.

The cost of this gap is staggering: according to the IFC, the SME financing deficit in Sub-Saharan Africa exceeds $300 billion.

Building “investable” businesses

The question is no longer where to find capital; it is how to build businesses capable of attracting it and making it grow.

Becoming investable means strengthening governance, ensuring financial transparency, and structuring growth in ways that inspire lasting confidence. For financiers, the equation becomes twofold: mobilizing resources while supporting businesses toward greater maturity.

At ForthInvestment, capital is only the starting point. The lasting transformation of SMEs rests on the convergence of tailored financing, high-quality strategic support, and a long-term vision of value creation.

These well-documented findings are a constant source of discussion and debate among African financial markets. The problem has been identified, a diagnosis has been made, and potential solutions have been pinpointed.

Yet, on-the-ground indicators are struggling to improve.

In your view, what are the persistent obstacles from the perspective of SMEs and investors?

Sources