Bank of Ghana Governor Johnson Pandit Asiama has urged commercial banks to translate Ghana’s improving macroeconomic conditions into increased financing for businesses and households.
The Governor made the call following a post-Monetary Policy Committee engagement with chief executives of banks, where discussions focused on how the banking sector could support economic growth.
According to Dr Asiama, declining inflation, easing financial conditions and a strong recovery in private-sector credit provide greater room for banks to deepen financing to productive sectors of the economy.
He identified small and medium-sized enterprises (SMEs) and agriculture as key areas requiring increased access to credit.
The meeting also focused on strengthening the integrity of Ghana’s financial system and addressing emerging risks associated with unlicensed digital lending.
Dr Asiama further highlighted the need for banks to tap into the potential of remittances by developing savings and investment products tailored to the needs of Ghanaians living abroad.
He said a resilient banking sector must go beyond maintaining financial stability and should help convert the country’s economic gains into tangible opportunities for businesses and households.
“A resilient banking sector must ultimately do more than preserve stability. It must help translate that stability into opportunity across the economy,” he said.
Ghana|Atinkaonline.com|Mavis Fantevi