By Jibril Abdul Mumuni
Accra, June 17, GNA – The Bank of Ghana (BoG) has urged banks to expand their role beyond traditional lending and become strategic partners in supporting business growth and economic development.
The central bank said financial institutions should leverage improving macroeconomic conditions to provide innovative products, advisory services and market access support to businesses, particularly in productive sectors of the economy.
Dr Johnson Pandit Asiama, BoG Governor, made the call during a post-Monetary Policy Committee (MPC) engagement with heads of banks in Accra.
He urged banks to provide business development support, promote entrepreneurship and assist firms to access new markets.
“Banks must go beyond financing and increasingly position themselves as strategic partners to businesses,” he said.
Dr Asiama explained that this could include offering business advisory services, facilitating market access and helping firms identify opportunities, particularly in export markets where banks had established international networks.
He noted that a strong and vibrant real sector was essential for the long-term stability of the financial system, stressing the need for increased support to sectors such as manufacturing, agriculture and services to drive growth, create jobs and generate quality demand for credit.
The Governor encouraged banks to take advantage of the improving economic environment to develop innovative financial products tailored to the needs of households and businesses.
He also underscored the importance of financial technology in improving service delivery and expanding access to finance across the country.
Dr Asiama disclosed that the BoG would work with industry players to develop products capable of channelling remittances into productive investments, including business expansion and infrastructure development.
He said such initiatives would help deepen the financial sector, strengthen economic resilience and promote sustainable growth.
Dr Asiama reaffirmed the central bank’s commitment to collaborating with banks and other stakeholders to build a strong and inclusive financial system.
He stressed that translating economic stability into broad-based prosperity would require banks to play a more active role in supporting businesses and productive economic activities.
GNA
Edited by Kenneth Sackey
Reporter: Jibril Abdul Mumuni