Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), urged commercial banks to increase support for Ghanaian entrepreneurs and export-oriented businesses on Tuesday. This intervention aims to convert the country’s recent economic stability into broad-based prosperity for citizens.
Achieving this crucial goal requires banks to develop innovative financial products. These products must meet the changing needs of households and businesses. Banks should act as strategic partners in economic development, not just credit providers. The Governor made this appeal during an engagement with banking sector executives in Accra.
This initiative aligns with Ghana's broader economic strategy which focuses on sustainable growth and job creation. The government has consistently emphasized private sector development and export diversification. Data indicates continued recovery in key economic sectors, providing a strong foundation for this strategic shift. The Composite Index of Economic Activity expanded by 12.6% in March 2026, significantly up from 2.3% in March 2025.
Dr. Asiama noted that the banking sector showed a robust recovery, with total assets expanding by 26.6% to GHS 493.9 billion in April 2026. He also highlighted improvements in capital adequacy, with the industry’s capital adequacy ratio rising to 22.3% from 17.5% a year earlier. The non-performing loan (NPL) ratio, which measures the percentage of loans that borrowers have failed to repay, declined from 23.6% to 18.0%. These figures underscore the banking sector's improved health and capacity for increased lending.
The Governor specifically urged banks to use gains from macroeconomic stability and declining interest rates. He also mentioned advances in financial technology. These factors can deepen their contribution to productive economic activity. The central bank believes the long-term health of Ghana's financial system depends on a strong 'real sector', meaning actual businesses that produce goods and services. Dr. Asiama stated, “The challenge before us is not just to preserve stability but to transform stability into prosperity for our people.”
Banks should complement their lending with business advisory services. They also need to provide market-access support and export clinics. These initiatives are vital for generating sustainable credit demand, high-quality assets, employment, and economic prosperity. The Bank of Ghana is committed to strengthening channels converting remittance inflows into productive investments. This includes developing innovative, investment-linked remittance products.
Despite progress, Dr. Asiama cautioned against complacency. He urged banks to strengthen credit underwriting standards and improve loan recovery processes. Full compliance with regulatory requirements is essential to reduce non-performing loans to acceptable targets. Banks must also actively support Ghana’s ongoing third-round mutual evaluation by the Financial Action Task Force (FATF). This evaluation will significantly impact correspondent banking relationships, investor confidence, and the country’s international financial standing.
Ghana’s fiscal position remains robust, with a surplus equivalent to 0.1% of Gross Domestic Product (GDP) in the first quarter of 2026. The external sector strengthened, showing a current account surplus of US$3.1 billion. This was supported by strong export earnings from gold and cocoa, alongside stable remittance inflows. Gross international reserves increased to US$14.4 billion, providing 5.7 months of import cover. This enhances Ghana’s resilience against external shocks. The slightly increased inflation to 3.7% in May 2026 is being monitored, though core inflation remains low.
The Monetary Policy Committee maintained the policy rate at 14%. This reflects the central bank’s commitment to preserving macroeconomic stability. It also supports the ongoing economic recovery. Decision-makers and markets will watch how banks respond to this call for increased support for entrepreneurs and exports. This initiative is crucial for fostering broader economic growth and job creation in Ghana.