He said MSMEs were deficient in the prerequisites needed to secure credit for their businesses owing to their challenge to meet the requirements of the financial institutions.

Mr Essuman made the remarks on the sidelines of the GIZ Access to Finance Policy Dialogue of the Women Entrepreneurship for Africa Project in Ghana.

The Access to Finance dialogue was on the theme: "Reducing the cost of capital for (Women) SMEs in Ghana."

The workshop sought to contribute to the development of a strategic roadmap for reducing the cost of financing for MSMEs with key policymakers, entrepreneurship support organisations, funders, intermediaries, transaction advisors, and entrepreneurs.

He advised MSMEs to engage the services of transaction advisors to understand the prerequisites of financial institutions to access credit for their businesses.

The Legal Advisor said engaging transaction advisors had always been the best practice and there was always a need for transaction advisors like lawyers, accountants, and business advisors, because of the value they bring to the businesses.

He said they brought a clearer perspective to ensure that the various elements of the business transaction of the enterprises are covered and to be able to meet the requirements that are needed by the investor.

"Sometimes companies are supposed to comply with the regulatory requirements, and having a transaction advisor gives you an opportunity to understand the entire requirements," he added.

He advised the enterprises to explore other alternatives to secure credit for their businesses, particularly engaging diasporans who visit the country regularly.

He said the fundamental necessity for economic growth hinged on the success of MSMEs.

Mr. Kofi Ofosu Nkansah, Chief Executive Officer for National Entrepreneurship and Innovation (NEIP)urged enterprises to take advantage of existing financial assistance offered by the government.

He said MSMEs must explore other blended financial services, which include equity guarantees, to finance their businesses Mr Gideon Mankralo, Technical Advisor, Women Entrepreneurs for Africa, said opinions expressed in the dialogue would be drafted into a report and used as a guiding framework to support businesses.

The World Bank, in its report, indicated that small and medium-sized businesses account for over 90 per cent of firms globally.

According to the Bank, almost 70 per cent of SMEs do not use external financing from financial institutions.