The Bank of Ghana (BoG) has urged banks to develop tailored and adaptable credit products to meet the financing needs of small and medium-sized enterprises (SMEs), particularly businesses operating within the agricultural value chain.Ghanaian culture insights
Governor of the Bank of Ghana, Dr. Johnson Asiama, said the improvement in the macroeconomic environment and the rebound in private sector credit must translate into greater access to finance for productive businesses.
Speaking at a post-Monetary Policy Committee engagement with Heads of Commercial Banks at the Bank Squareon Wednesday 12th August, 2026, Dr. Asiama noted that private sector credit grew by 41.2% in June 2026, compared with 8.6% a year earlier, while real private sector credit growth stood at 34.1%.
However, he said many SMEs, particularly those in agriculture, continue to face difficulties accessing financing because banks perceive them as relatively high-risk.
“However, despite the improved economic environment and the growing demand for credit, many SMEs, particularly those in the agricultural value chain, still struggle to access finance because banks continue to perceive these businesses as relatively high-risk,” he said.
Dr. Asiama therefore challenged banks to deepen their understanding of the businesses and sectors they finance and develop lending products that reflect the realities of agricultural enterprises.
“As banks, you are not merely financial intermediaries; you are important business partners in the growth and transformation of the economy. I therefore encourage you to deepen your understanding of the businesses and sectors you serve, particularly the unique dynamics of agriculture and its associated value chains.” he said.
The Governor said banks should develop credit products that take into account the seasonal nature of agricultural activities, including repayment structures that align with borrowers’ cash flows.
“This should include developing innovative and flexible credit products that recognise the seasonal nature of agricultural activities and align loan repayment schedules with the timing and pattern of borrowers’ cash flows,” he said.
According to him, such an approach would help SMEs secure financing on terms that better reflect their business operations while also allowing banks to manage lending risks more effectively.
“Such an approach would enable SMEs to access financing on terms that better reflect the realities of their businesses, support banks to manage risk more effectively, while ensuring that the benefits of the improved macroeconomic environment translate into broader economic activity and job creation,” Dr. Asiama added.
The call comes at a time when financial conditions have eased considerably, with declining interest rates and stronger credit flows to the private sector.
The Governor said the current economic environment presents an opportunity for banks to play a more active role in supporting businesses and households, particularly as inflation has declined, the exchange rate has remained relatively stable and credit creation has begun to rebound.
He said banks are “well positioned to play a central role” in translating the gains in macroeconomic stability into tangible benefits for businesses, households and the broader economy.
