By Morkporkpor Anku
Accra, Oct. 8, GNA – The Bank of Ghana (BoG) has urged banks to tighten credit risk, fraud, cybersecurity and liquidity controls as private sector lending expands.
Dr Johnson Pandit Asiama, Governor of the BoG, said the rapid growth in private sector credit must be supported by sound underwriting standards and effective risk management to sustain the recovery.
He was speaking at a gathering of Heads of Banks in Accra.
Dr Asiama said the average lending rate of the banking sector fell to 15.9 per cent in August 2026, from 24.2 per cent in August 2025, contributing to improved credit conditions and stronger demand.
”The decline in lending rates, improved credit conditions and recovery in credit demand contributed to a strong rebound in private sector credit, which grew by 35.5 per cent in August 2026, compared with 13.3 per cent a year earlier,” he said.
Credit growth in real terms reached 29 per cent, compared with 1.7 per cent over the same period last year.
Dr Asiama said the banking sector remained resilient, with total assets increasing on the back of robust deposit mobilisation and growth in other funding sources.
He said the sector remained well-capitalised and asset quality had improved, although the non-performing loans (NPLs) ratio remained elevated relative to regulatory thresholds.
The Governor urged banks to strengthen credit risk management and comply fully with NPL guidelines, saying the BoG would soon issue a credit risk management directive.
The directive would strengthen banks’ credit risk frameworks covering credit origination, administration, monitoring, measurement and recovery, he said.
Dr Asiama said the BoG would also issue a liquidity coverage ratio directive requiring banks to maintain adequate high-quality liquid assets to withstand significant liquidity stress over a 30-day period.
He urged banks to act on vulnerabilities identified through the BoG’s macro-prudential stress tests to strengthen their resilience to potential shocks.
On fraud risk, the Governor urged banks to strengthen systems, policies and controls to prevent, detect and deter fraudulent activities.
He said fraud functions should have direct and unrestricted access to Managing Directors or Chief Executive Officers to ensure their independence and effectiveness, while personnel should have the requisite skills and professional certifications.
Dr Asiama said the BoG was consolidating its foreign exchange operational notices and guidelines into a comprehensive compendium, stressing that compliance with foreign exchange requirements remained non-negotiable.
He said the BoG was also strengthening oversight of cybersecurity, fintech and digital payments, while developing guidance on the responsible use of artificial intelligence and governance of payment service providers.
The Governor said the BoG had launched the National Remittance and Diaspora Savings Strategy with the Ministry of Finance to channel remittances into investment opportunities.
Implementation of the strategy is expected to begin in the first quarter of 2027.
GNA
Edited by Kenneth Sackey
8 Oct. 2026
Reporter: Morkporkpor Anku
Email: [email protected]