Ghana's Bank of Ghana (BoG) Governor, Dr. Johnson Pandit Asiama, has emphasized a strong focus on increasing access to credit for businesses and individuals. This push aims to cement Ghana's economic stability and accelerate growth. Private sector credit as a share of Gross Domestic Product (GDP) remains below levels seen in other comparable economies.
The Governor attributed this low lending partly to Ghana's history of high interest rates and economic uncertainty. Banks previously lent at rates between 35% and 40%. This caused significant repayment difficulties for borrowers and made banks hesitant to extend new credit. Banks often preferred investing in government securities.
Ghana's economic landscape has improved, with macroeconomic stability starting to reverse this trend. The central bank has worked to maintain low interest rates and exchange rate stability. These efforts are essential to expand credit to the economy's productive sectors. Non-traditional export earnings, for example, surged by 30.7% to GHS 5 billion in 2025.
Dr. Asiama spoke at the Ghana-UK Investment Summit in London. He acknowledged that private sector credit is gradually recovering as interest rates decline and confidence improves. Discussions with commercial banks reveal a shortage of viable projects rather than a lack of available funds for lending. Many entrepreneurs have good ideas but need technical support to turn them into solid business proposals.
The Bank of Ghana and other stakeholders are exploring partnerships to help entrepreneurs develop these essential business plans. The Ghana Venture Capital Fund is involved in these discussions, alongside other institutions. These initiatives will provide technical assistance to startups and small businesses. The International Finance Corporation is also helping businesses convert their ideas into 'bankable projects'.
Beyond business financing, the Bank of Ghana is actively promoting digital credit solutions. This will expand financial access for individuals and small-scale entrepreneurs. Digital platforms and mobile phones will allow easier credit access for those looking to start or expand a business. Dr. Asiama stated that work on the necessary technological infrastructure is progressing well. This digital finance initiative will help close existing financing gaps and support entrepreneurship across the country.
Strengthening project preparation will unlock new lending opportunities and support enterprise growth. This focus on project readiness, alongside digital solutions, aims to create a more inclusive financial environment. Decision-makers and markets will watch for sustained low interest rates and exchange rate stability. These conditions are critical for increasing credit flow to businesses and fostering broader economic growth.