Carole Ramella, Managing Director of GFA Consulting
GFA Consulting is a Ghana-based advisory firm helping small and growing businesses across Sub-Saharan Africa strengthen their financial systems and investment readiness. Through its Business Diagnostic and Financial Control Tool, the firm equips entrepreneurs to turn data into strategy and gives investors the confidence to fund growth.
What inspired the launch of GFA Consulting more than a decade ago?
We noticed a recurring challenge: entrepreneurs weren’t being turned down because their ideas lacked potential, but because their internal systems didn’t inspire confidence. Many SMEs had strong market traction but weak financial controls, unclear governance, or inconsistent reporting. Investors weren’t rejecting the business model; they were rejecting the uncertainty around it. GFA Consulting was created to close that gap. Over time, we realized that advisory support wasn’t enough. SMEs needed practical tools to diagnose weaknesses, understand their numbers, and build processes that would make them funder-ready. That led to the development of our Business Diagnostic and Financial Control Tool, which now sit at the centre of our work
Your Business Diagnostic has been deployed in over 50 companies across Sub-Saharan Africa. How does it help SMEs prepare for investment?
The diagnostic gives SMEs a structured, honest evaluation across seven core areas: cash management, risk, financial reporting, governance, people, project credibility, and impact. Each area highlights potential bottlenecks that could slow or block the financing process. But the real value lies in what happens next. We translate those insights into clear priorities and actionable steps. For many founders, it’s the first time they see their business through an investor’s eyes. Development finance institutions (DFIs) and ecosystem partners also appreciate the tool because it offers a consistent approach to assessing readiness and directing technical assistance where it matters.
How does your work align with ANDE's mission to strengthen small and growing businesses globally?
ANDE members, whether DFIs, accelerators, donors, or enterprise support organisations, are all focused on building strong, resilient businesses. Our role fits directly within that mission. By helping SMEs build credible financial information, structured governance, and realistic growth plans, we “prepare the ground” for ANDE members to deploy their support more effectively and sustainably.
Looking ahead, what trends give you confidence and where is innovation most needed?
We are encouraged by the ecosystem’s increasing emphasis on transparency and financial discipline. DFIs and support organisations are asking stronger questions about governance, reporting quality, and operational risk — a shift that drives SMEs to build better internal foundations. We’re also seeing a mindset change among entrepreneurs, who are more willing to use data-driven tools. A simple dashboard or cash-flow projection can dramatically change decision-making.
Looking forward, we see major potential in tools that provide real-time profitability analysis, improved governance tracking, and stronger cash-flow planning. These innovations can significantly enhance SME resilience and competitiveness across Africa.
Where do you see the most promising opportunities to collaborate with ANDE members?
We see several meaningful opportunities for collaboration with ANDE members. First, there is growing demand for stronger pipeline assessment, as many DFIs and support organisations encounter SMEs with strong potential but limited readiness. Our diagnostic tools help pinpoint operational and financial gaps and outline clear improvement pathways, making this an area ripe for partnership. We also see collaboration potential in portfolio monitoring, especially when engagement begins early; before financing or technical assistance is deployed. ANDE members can work with us when assessing SME pipelines, supporting enterprises that need better financial visibility, or designing and expanding investment-readiness or capacity-building programmes.
In addition, we welcome opportunities to co-develop diagnostics, training modules, and financial management tools tailored to specific markets or sectors. Overall, we invite ANDE members to partner with us, explore synergies, and co-create solutions that strengthen SME systems and build more resilient businesses across emerging markets.
Co-Create Solutions for Resilient Businesses
If you’re working to improve financial visibility, governance, or investment readiness across your portfolio or programme, our tools are designed to help you get there. Whether you’re a DFI, accelerator, donor, or enterprise support organization, we’re ready to partner with you.