In the dynamic world of the creative economy, from the vibrant energy of music videos to the meticulous craftsmanship of local fashion brands, creative entrepreneurs are shaping both culture and commerce. Yet, despite their boundless innovation, a harsh reality remains that many of these trailblazers are cut off from formal financial systems, limiting their potential and growth. This is a story that goes beyond the glitz and glamour to a deeper, more pressing issue: financial exclusion.
As the saying goes, “You can’t build a house on sand.” The creative sector, which is a cornerstone of youth employment and cultural export in Ghana, has immense potential. Yet, over 60% of creatives rely on personal funds or family support to sustain their ventures. According to a report from the Ghana Investment Promotion Centre, these entrepreneurs face a constant struggle against inconsistent income streams, a lack of formal structures, and minimal access to collateral. These challenges render them "high risk" in the eyes of traditional banks, leaving them with few options for financial support.
Enter Mariam K. Agyeman-Buahin, a force to be reckoned with in the worlds of marketing, branding, and FinTech. With a sharp eye for the issues plaguing creative entrepreneurs, Mariam has become a leading voice in the call for financial products designed specifically for this sector. “Creative entrepreneurs don’t fit the traditional mould,” she asserts. “They need solutions that reflect how they live and work—mobile savings, royalty-backed loans, and digital accounting. We must shift our approach.” And indeed, the times they are a-changing.
Mariam’s call for a shift in approach couldn’t be more urgent. In a country where the creative sector plays a key role in economic and cultural growth, the absence of tailored financial services can be a deal-breaker. It’s a classic case of “the needs of the many outweigh the needs of the few,” and the creative community is not an exception. Yet, despite the abundance of creativity and potential, these entrepreneurs continue to face systemic barriers.
Financial inclusion is no longer just a buzzword; it’s a lifeline. In Ghana, FinTech platforms like PayBox Ghana and Bloom Financial are rising to the occasion. These platforms are offering mobile-based savings, short-term loans, and invoice financing, all designed to help creatives manage irregular income and access much-needed working capital. With the revolution of mobile money already changing the landscape of daily transactions, these platforms are now pioneering solutions such as earnings advances and AI-driven risk assessments tailored to the gig economy.
It’s a modern-day story of “data is power.” Creatives are turning their social media presence, e-commerce activities, and digital subscriptions into solid credentials for investors and lenders. And as Mariam aptly points out, “We’re seeing creatives turn data into power.” In an age where information is currency, those in the creative economy are harnessing it to secure the funding they need to thrive.
But innovation doesn’t stop there. Equity crowdfunding is emerging as an alternative way for creatives to raise capital directly from their fan base. By offering equity in their businesses, creatives can tap into a growing pool of supporters who believe in their vision. While this trend is gaining traction worldwide, uptake in Ghana remains slow due to limited awareness and regulatory uncertainty.
Blockchain technology is also making waves. In a world where transparency is paramount, decentralised financial tools are creating new opportunities in sectors like music royalties and digital collectables. These innovations promise a fairer distribution of revenue and provide the clarity that creatives need to navigate an often complicated financial landscape.
However, as much as these developments are helping, there’s still a glaring issue at the heart of the creative economy: gender disparity. Women play a central role in Ghana’s creative economy, yet they face disproportionate financial exclusion. Initiatives like the proposed Women’s Development Bank, microfinance platforms, and targeted grants are stepping up to address these inequalities. Partnerships such as that between Annan Capital Partners and Opportunity International are providing loans tailored specifically to women-led creative businesses, helping to ensure sustainability and growth.
Yet, despite these positive steps, the implementation of the National Creative Arts Industry Policy, launched in 2022, has been slow. As many stakeholders have pointed out, for financial inclusion to be truly meaningful, the regulatory frameworks must evolve to embrace non-traditional business models. As the proverb goes, “The more things change, the more they stay the same.” Without the right regulatory environment, progress can stall.
Mariam Agyeman-Buahin stresses the need for deeper collaboration across all sectors: “Financial inclusion isn’t just about access, it’s about relevance. We need government, financial institutions, and creatives to co-create systems that work.” It’s clear that this is not a one-sided problem; it’s a collective responsibility. For Ghana’s creative economy to thrive, it will require a shared vision, cooperation, and the kind of systemic change that can turn the tide.
In the end, the story of financial inclusion for creatives is not just about access to money; it’s about empowering a generation to unlock their full potential. As the adage goes, “Give a man a fish, and you feed him for a day. Teach him to fish, and you feed him for a lifetime.” If Ghana’s creative entrepreneurs are given the right tools, the sky is the limit.
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