The Bank of Ghana (BoG) has urged commercial banks to support the real sector by expanding credit to productive enterprises, particularly Small and Medium-scale Enterprises (SMEs). The central bank also encouraged financial institutions to drive innovation that enhances access and promotes financial inclusion, while prudently managing risk.

“Let us turn this recovery into a financial system that is both stable and catalytic in shaping Ghana’s prosperity,” said Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, during the Post-Monetary Policy Committee (MPC) engagement with heads of banks in Accra on Tuesday.

Dr. Asiama pledged that the BoG would continue working closely with the banking sector to safeguard stability and support sustainable credit growth. He acknowledged that while challenges remain—particularly regarding asset quality—the central bank is committed to promoting responsible risk management across the financial system.

“Looking ahead, the Bank of Ghana will consolidate regulatory gains through strict enforcement, expanded training, and deeper engagement with the industry,” Dr. Asiama said. He noted that the next phase of BoG reforms would include new directives covering stress-testing, recovery planning, and risk management to further enhance sector resilience and align Ghanaian banks with global best practices.

According to the Governor, the revised Risk-Based Supervisory Framework is designed to strengthen forward-looking oversight by focusing on business risk, financial resilience, risk governance, and operational continuity. He added that these reforms would also deepen collaboration with other financial regulators and key industry bodies to safeguard systemic stability and promote a trusted, future-ready financial sector.

“These reforms reflect our vision — a banking sector that is modern, competitive, resilient, and capable of supporting Ghana’s long-term growth agenda,” Dr. Asiama stated.

On recent monetary policy developments, the Governor noted that the MPC, at its November meeting, reduced the policy rate by 350 basis points to 18 per cent, citing easing inflation, improved external buffers, and a stable outlook into the first half of 2026.

Dr. Asiama observed that while the global economy remained fragile, Ghana’s economy showed resilience, with provisional data indicating real GDP growth of 5.5 per cent in the third quarter of 2025. Inflation had declined to 6.3 per cent, returning to the medium-term target band, while strong export performance—led by gold and cocoa—strengthened the external position and supported the stability of the cedi.

Touching on fiscal performance, the Governor noted that consolidation efforts under the IMF-supported programme remain on track, providing a solid foundation for sustained macroeconomic stability. He commended banks for demonstrating improved liquidity, capital strength, and profitability, and reassured that the BoG would maintain a firm, fair, and transparent engagement with the industry to ensure a stronger, resilient financial system capable of supporting Ghana’s long-term development.