Accra: Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has urged banks to capitalize on Ghana's improving macroeconomic conditions to bolster productive sectors of the economy and drive sustained long-term growth. Speaking at the post-130th Monetary Policy Committee (MPC) engagement with heads of banks in Accra, Dr. Asiama highlighted the necessity for the banking sector to prioritize financial intermediation and support for businesses as the nation consolidates its recent economic gains.
According to Ghana Web, the Governor emphasized that the long-term sustainability of Ghana's financial system hinges on the robustness of the real sector, which includes manufacturing, agriculture, services, and export-oriented businesses. Dr. Asiama stated, "A vibrant manufacturing sector, competitive agriculture, efficient services sector, and thriving export-oriented businesses are essential for generating sustainable credit demand, quality assets, employment, and economic prosperity."
Dr. Asiama noted Ghana's economic resilience despite global uncertainties, revealing that the Composite Index of Economic Activity expanded by 12.6 percent in March 2026, up from 2.3 percent during the same period last year. This growth was supported by strong private sector credit, industrial activity, trade, and consumption. He also highlighted improvements in inflation, fiscal performance, and the external sector, with headline inflation remaining relatively low at 3.7 percent in May 2026, and a fiscal surplus of 0.1 percent of GDP recorded in the first quarter of the year.
The Governor disclosed that Ghana's Gross International Reserves had risen to US$14.4 billion, providing an import cover of 5.7 months. In the banking sector, industry performance continued to strengthen, with total assets growing by 26.6 percent to GHS493.9 billion. The Capital Adequacy Ratio improved significantly to 22.3 percent from 17.5 percent the previous year, while the Non-Performing Loan (NPL) ratio declined from 23.6 percent to 18.0 percent.
Dr. Asiama praised these developments as evidence of the banking sector's resilience, attributing them to the collective efforts of all institutions involved. However, he cautioned banks against complacency, highlighting ongoing concerns about elevated credit risks and calling for stronger credit underwriting standards and improved loan recovery processes.
In conclusion, Dr. Asiama urged financial institutions to leverage the current stability to channel capital into productive sectors, empower entrepreneurs, support exports, deepen regional integration, and strengthen public confidence in the financial system.