The Bank of Ghana (BoG) has called on banks to offer more affordable loans to women-led businesses. Second Deputy Governor Mrs. Matilda Asante-Asiedu stated that women entrepreneurs are commercially viable customers with strong repayment behavior.
Mrs. Asante-Asiedu, speaking at the 2026 Ghana Female CEOs Summit, urged financial institutions to view women entrepreneurs as a valuable market segment. She highlighted their consistent repayment records and prudent investment practices. She believes this performance should influence how banks price risk and structure credit products.
This initiative aligns with Ghana's broader economic strategy, which is shifting focus from macroeconomic stabilization to real-sector recovery. Women-owned businesses are crucial for this recovery due to their role in key sectors. These sectors include trade, services, agribusiness, manufacturing, and household welfare. Improved access to credit for these businesses can stimulate private-sector expansion and job creation across the country.
Research and industry data consistently show that women entrepreneurs have lower loan default rates than many other customer groups. Mrs. Asante-Asiedu emphasized this point. "The women repay better, they invest more, they build wisely and they build resilient enterprises," she said. This evidence challenges the common practice of applying high-risk premiums to loans for women entrepreneurs. The Ghana Reference Rate, a base interest rate, often has a significant risk premium added by banks.
Mrs. Asante-Asiedu called for banks to design products that specifically address the needs of women-owned enterprises. These products should include affordable loans and better pricing terms. They should also fully acknowledge consistent repayment histories. For many women entrepreneurs, current access to credit is limited by strict collateral requirements, high interest rates, and insufficient financial records. Perceptions of risk also impact lending decisions, often not reflecting actual repayment behavior.
The Deputy Governor's remarks pressure financial institutions to use data more intelligently in their lending decisions. This approach moves away from blanket assumptions that classify women-owned businesses as high-risk. The economic argument is clear: banks should reward enterprises that demonstrate strong repayment discipline and reinvestment with competitive pricing and tailored support. This would benefit both the businesses and the banks.
Supporting women-owned businesses also has wider developmental benefits for Ghana. It improves household welfare and contributes to stronger national economic growth. For Ghana's banking sector, the challenge is to translate these calls for financial inclusion into concrete credit policies. This means developing gender-responsive products and strengthening credit assessment tools. It also involves improving data collection on women-owned businesses. Ensuring risk premiums accurately reflect borrower performance is also critical.
If lenders successfully implement these changes, women entrepreneurs could become important drivers of profitable and responsible credit growth. This shift would transform them from mere beneficiaries of financial inclusion to active contributors to Ghana's economic prosperity. The banking sector has a significant opportunity to foster economic resilience and expand its customer base responsibly.