Dr. Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG), has urged commercial banks to increase their support for Ghanaian entrepreneurs and businesses that focus on exports. This move aims to transform Ghana’s recent economic stability into widespread prosperity for all citizens. The banking sector’s total assets expanded by 26.6 per cent, reaching GHS 493.9 billion by April 2026.
This call comes as the banking sector shows strong recovery. The industry's capital adequacy ratio rose to 22.3 per cent from 17.5 per cent year-on-year. Furthermore, the non-performing loan (NPL) ratio declined from 23.6 per cent to 18.0 per cent. These improvements create a solid foundation for banks to channel funds into productive sectors of the economy.
Ghana’s economy has demonstrated robust growth. The Composite Index of Economic Activity expanded by 12.6 per cent in March 2026 compared to 2.3 per cent in the same period of 2025. This growth was driven by strong increases in private-sector credit, industrial activity, consumption, and trade. The central bank’s decision to keep the policy rate at 14 per cent reflects its commitment to maintaining economic stability while fostering recovery.
Dr. Asiama made these remarks at an engagement with banking sector executives in Accra. He said banks must create new financial products that meet the changing needs of households and businesses. He emphasized that banks should be strategic partners in economic development, not just lenders. He stated, “The challenge before us is not just to preserve stability but to transform stability into prosperity for our people.”
The Governor encouraged banks to leverage macroeconomic stability, including declining interest rates and advancements in financial technology. Such actions will deepen their contribution to productive economic activity. He also stressed that the long-term health of the financial system relies on a strong 'real sector', which means businesses that produce goods and services. Banks should also offer business advice, market access support, and export clinics as part of their community efforts.
Dr. Asiama also reaffirmed the Bank of Ghana’s commitment to working with banks to convert money sent home by Ghanaians abroad into productive investments. This includes developing new investment products linked to these remittances. Such initiatives can mobilize capital for business expansion, infrastructure development, and long-term capital formation.
Despite the positive trends, Dr. Asiama cautioned against overconfidence regarding loan quality. He urged banks to strengthen their loan assessment standards and improve how they recover outstanding debts. Banks must also fully comply with regulatory requirements aimed at reducing bad loans to acceptable levels. These measures are crucial for the stability and integrity of the financial system.
The Governor also called for active support for Ghana's ongoing evaluation by the Financial Action Task Force (FATF). This evaluation will have significant effects on Ghana's relationships with international banks. It will also impact investor confidence and the country's standing in the global financial community. A positive outcome from the FATF review is vital for Ghana’s financial connectivity and attractiveness to foreign investors.