Micro-, small and medium-sized enterprises (MSMEs) are one of the most important, yet vulnerable, drivers of development in sub-Saharan Africa (SSA). This stems from the fact that, while MSMEs are known to support over 50% of all livelihoods on the continent (both formal and informal) these firms often face a plethora of heterogenous risks that regularly put their survival and continuous operations in jeopardy. Especially the shockwaves from COVID-19 on business resilience have been unprecedented.
The project “Developing Risk Management Approaches for Climate Risks”, implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Allianz Reinsurance, collaborated with the Programme for Sustainable Economic Development (PSED) to better understand MSME resilience in light of COVID-19 in Ghana. As part of this, they have commissioned this report to assess the perceived and experienced risks faced by MSMEs in Ghana amid the pandemic and to evaluate the extent to which MSMEs and the Ghanaian ecosystem have remained resilient. The ultimate objective of this study is to enable GIZ to target capacity development activities within the region and to generate a better understanding of MSMEs’ needs in terms of insurance, current level of resilience and ability to recover and adapt to both known and unknown risks.