Creative industry needs custom financial solutions – Mariam Agyeman-Buahin

Mariam K. Agyeman-Buahin, a marketing and FinTech practitioner, is calling for financial solutions tailored to the specific needs of Ghana’s creative industry, citing a disconnect between traditional financial systems and the realities of creative work.

She argues that many creative entrepreneurs operate outside conventional business frameworks and require financial tools that align with their irregular income patterns and digital workflows.

“Creative entrepreneurs don’t fit the traditional mould. They need solutions that reflect how they actually live and work—mobile savings, royalty-backed loans, digital accounting. We must shift our approach,” she said in an interview.

A 2023 report by the Ghana Investment Promotion Centre (GIPC) revealed that over 60 percent of creatives rely on personal savings or family support to finance their ventures. Many are deemed high-risk due to a lack of collateral, unpredictable income, and informal business structures.

Some FinTech companies, including PayBox Ghana and Bloom Financial, are beginning to address the gap. They offer services such as mobile-based savings, short-term loans, and invoice financing, using alternative data—like social media activity and online sales—to determine creditworthiness.

While equity crowdfunding is gaining traction globally, its growth in Ghana has been slow due to regulatory uncertainty and limited awareness. New technologies, including blockchain, are also being explored to improve transparency in royalty payments and open up new revenue streams through digital assets.

Women in the creative sector face even greater barriers. Targeted financing initiatives—such as proposed women’s development banks and microfinance programmes—are seeking to address these disparities with gender-sensitive solutions.

Although Ghana launched its National Creative Arts Industry Policy in 2022, implementation has been slow. Stakeholders have called for revisions that accommodate digital and non-traditional business models.

“Financial inclusion isn’t just about access—it’s about relevance,” Mariam said. “We need government, financial institutions, and creatives to co-create systems that work.”

Suggested reforms include tax incentives for creative startups, government-backed digital skills training, and integration of mobile credit scoring into formal financing processes.