Edward Mawudem, Cluster Manager of SME Banking at Absa Bank Ghana, has identified poor record-keeping as one of the biggest challenges facing small and medium enterprises (SMEs) in the country.Ghanaian tourism Speaking during the third week of the Citi Business News On-Air Series on Wednesday, June 18, 2025, Mr. Mawudem emphasised that the lack of proper records continues to undermine the ability of SMEs to produce credible financial statements—a key requirement for accessing funding and scaling operations. “A financial statement is produced out of something, and without that, there will be nothing called a financial statement,” he said. “Here, I am talking about record keeping. This is one of the major challenges that SMEs face.” He explained that maintaining accurate records is the foundation for reliable financial documentation, which in turn enhances transparency and decision-making within a business. “Once you have the right records, it translates into the financial statement, and this also helps executive records,” he added. The Citi Business News On-Air Series forms part of the broader Citi Business Festival, which seeks to equip Ghanaian businesses with the tools, insights, and strategies needed to navigate current economic challenges and grow sustainably.