BoG Governor pushes expanded access to productive credit for women, farmers and MSMEs

Bank of Ghana Governor Dr. Johnson Pandit Asiama has called for measures to expand access to productive credit for micro, small and medium-sized enterprises, women and smallholder farmers.

He said improving financial health required coordinated efforts to ensure that individuals and businesses could access the financial services and capital needed to build sustainable livelihoods.

Speaking at the Financial Health Leadership Roundtable in Accra on Wednesday, November 4, Dr. Asiama said stakeholders must use innovation to address barriers to finance and strengthen financial resilience.

He challenged participants to consider practical ways of improving access to credit, savings, insurance and long-term financial security.

“How do we use innovation to improve financial health? How do we expand access to productive credit for MSMEs, women and smallholder farmers? How do we strengthen savings, insurance and long-term financial resilience? And how do we ensure that the next generation of financial services delivers better outcomes for people and businesses?” he asked.

The Governor identified productive and responsible credit as a key pathway to improving financial health in Ghana.

He said appropriately designed credit could help households invest in their futures and provide businesses with the capital required to grow, innovate and create jobs.

Dr. Asiama also highlighted the difficulties facing micro, small and medium-sized enterprises, which he described as the backbone of economic activity in Ghana.

He said although these businesses were creating jobs, driving innovation and supporting livelihoods, many continued to face significant barriers in accessing finance.

He called for the use of technology, data and innovation to broaden credit access, reduce information asymmetries and create pathways for viable businesses to secure finance on fair and sustainable terms.

The Governor stressed that addressing these challenges required collaboration across government, regulatory institutions, industry and development partners.

“These questions require partnership across government, regulators, industry and development institutions,” he said.

He urged stakeholders to make the roundtable action-oriented by identifying barriers and agreeing on practical commitments.

The meeting was held as part of the visit of Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health.

Dr. Asiama said he hoped the discussions would produce clear priorities for improving financial health among individuals and businesses in Ghana.