Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has challenged banks to translate improving economic conditions into greater access to credit for businesses, particularly small and medium-sized enterprises (SMEs) and firms operating within Ghana’s agricultural value chain.
Speaking at the Heads of Banks Meeting in Accra on Wednesday, August 12, 2026, Dr. Asiama said private-sector credit grew by 41.2% in June 2026, compared with 8.6% during the same period last year. In real terms, private-sector credit expanded by 34.1%.
The Governor described the development as significant, noting that financial conditions have eased considerably and interest rates across various segments of the money market have moderated.
He, however, expressed concern that despite the improving environment and growing demand for credit, many SMEs continue to struggle to secure financing because financial institutions regard them as relatively high-risk borrowers.
Dr. Asiama singled out businesses within the agricultural value chain as requiring greater attention from banks.
He urged financial institutions to move beyond their traditional role as intermediaries and become active business partners capable of understanding the peculiar needs and operating conditions of the sectors they finance.
“You are not merely financial intermediaries; you are important business partners in the growth and transformation of the economy,” he told the heads of banks.
The Governor called for innovative and flexible credit products that recognise the seasonal nature of agriculture.
He said repayment arrangements for agricultural businesses should be structured around their actual cash-flow cycles rather than applying financing models that fail to reflect the realities of farming and related enterprises.
According to him, aligning repayment schedules with the timing and pattern of borrowers’ cash flows could improve access to finance for SMEs while allowing banks to manage lending risks more effectively.
Dr. Asiama said the improving macroeconomic environment presents an opportunity for the banking industry to play a stronger role in supporting productive economic activity and converting Ghana’s recent economic gains into tangible benefits for businesses and households.
