Dr. Johnson Asiama addressing heads of banks
The Governor of the Bank of Ghana (BoG), Dr. Jonson Pandit Asiama has called on banks to expand credit to productive businesses, especially Small Medium Enterprises (SMEs) to drive inclusion and help build a resilient economy.
Speaking at the post Monetary Policy Committee (MPC), engagement with heads of commercial banks in Accra, he said the banking sector is expected to consolidate the gains in the financial sector to improve credit allocation to help strengthen governance.
“We call on banks to support the real sector, expand credit to productive enterprises, especially SMEs, and drive innovation that enhances access and inclusion, while managing risk. Let us turn this recovery into a financial system that is both stable and catalytic in shaping Ghana’s prosperity.
“Colleagues, our task is to consolidate these gains by deepening financial intermediation, improving credit allocation, and strengthening governance,” he stated.
According to him, after a period of significant strain, banks have demonstrated resilience, sound liquidity, improved capital strength renewed profitability.
The gains, the Governor explained reflect stronger governance, improved risk management, and a regulatory framework that continues to evolve toward a more forward-looking approach.
He stated that while challenges remain, particularly in asset quality, the banks commitment to responsible risk management is evident stating that the Central bank will therefore continue to work closely with the players in the industry to safeguard stability and support sustainable credit growth.
The Governor added that external buffers have rebuilt considerably to enhance the country’s ability to withstand future shocks coupled with the positive response of the cedi that is also showing renewed resilience.
He noted, “Ghana’s external sector has emerged as a pillar of resilience. Strong export performance, led by gold and supported by cocoa, delivering substantial trade surpluses and strengthening the current account position.”
Dr. Asiama also indicated that the Central Bank will consolidate regulatory gains through strict enforcement, expanded training, and deeper engagement with the industry as part of its programmes.
That, he mentioned, will be the next phase of reforms which will include new directives spanning stress-testing, recovery planning, and risk management to further enhance the sector’s resilience and alignment with global best practices.
He said the country’s economy is charting a confident path forward though the international environment remains fragile, shaped by lingering trade tensions and policy uncertainty.
By Ebenezer K. Amponsah