Johnson Asiama calls for fairer credit access to boost MSMEs, create jobs

‎The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has called for reforms to expand access to affordable and sustainable credit for micro, small and medium-sized enterprises (MSMEs), warning that businesses with growth potential continue to face significant barriers to financing.
‎
‎He said improving access to productive credit was critical to strengthening the financial health of households and businesses, supporting economic growth and creating jobs.
‎
‎Dr Asiama made the call on Wednesday, November 4, 2026, at the Financial Health Leadership Roundtable held at the Bank of Ghana’s headquarters in Accra, during the visit of Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Financial Health.
‎
‎According to the Governor, although Ghana had made significant progress in expanding financial services through digital infrastructure, mobile money and fintech innovation, access to financial services must translate into improved financial well-being for individuals and businesses.
‎
‎”However, through the conversations of financial access, there has been an important realisation of a steady shift towards the translation into better financial health for households and businesses,” he said.
‎
‎Dr Asiama explained that financial health was influenced by several factors, including savings, insurance, pensions, investment opportunities and financial literacy, but stressed that productive and responsible credit remained one of the most important pathways to improving financial well-being in Ghana.
‎
‎”Credit, when appropriately designed and delivered, enables households to invest in their futures and gives businesses the capital required to grow, innovate and create jobs,” he said.
‎
‎The Governor identified MSMEs as central to Ghana’s economic activity, noting that they continued to create jobs, drive innovation and support livelihoods across the country.
‎
‎However, he said many businesses were unable to access the financing needed to expand their operations, despite their potential to contribute to economic development.
‎
‎”This is particularly important for our micro, small and medium-sized enterprises, which form the backbone of economic activity in Ghana,” he said.
‎
‎”Across the country, MSMEs are creating jobs, driving innovation and supporting livelihoods, yet many continue to face significant barriers in accessing finance,” he added.
‎
‎Dr Asiama expressed concern that some businesses with the potential to grow were being denied credit because of unfair financing mechanisms.
‎
‎”Too often, credit is unavailable to businesses with potential simply because of unfair mechanisms,” he said.
‎
‎He called for the adoption of technology, data and innovation to address the financing gap and improve the ability of businesses to access credit on fair and sustainable terms.
‎
‎”Ultimately, bridging this financing gap requires us to leverage technology, data and innovation to broaden credit access, reduce information asymmetries and create pathways for viable businesses to access finance on fair and sustainable terms,” he added.
‎
‎Dr Asiama said Ghana’s financial sector had undergone significant transformation over the past decade, with innovation, collaboration and investment in digital infrastructure making financial services more accessible to millions of people.
‎
‎He said the country had become one of Africa’s leading digital finance markets, supported by interoperable payment systems, mobile money, fintech innovation and a regulatory environment designed to promote growth and trust.
‎
‎However, he stressed that expanding access alone was not enough, urging stakeholders to focus on how financial services could improve the financial health of households and businesses.
‎
‎The Governor said the roundtable provided an opportunity to identify practical solutions to the challenges confronting the financial sector.
‎
‎”Today’s Roundtable provides an opportunity to focus on practical solutions,” he said.
‎
‎He raised questions about how innovation could improve financial health, expand productive credit for MSMEs, women and smallholder farmers, strengthen savings and insurance, and promote long-term financial resilience.
‎
‎He also challenged stakeholders to ensure that the next generation of financial services delivered better outcomes for individuals and businesses.
‎
‎Dr Asiama said addressing the challenges of financial health required collaboration among government, regulators, financial institutions and development partners.
‎
‎He encouraged participants to use the roundtable to identify barriers to financial inclusion and develop practical commitments to address them.
‎
‎”These questions require partnership across government, regulators, industry and development institutions,” he said.
‎
‎”I therefore encourage an open and action-oriented discussion. Let us identify the barriers that need to be addressed and the concrete commitments that can move us forward,” he urges.
‎
‎The Governor said the success of the meeting would depend on whether participants could agree on clear priorities and actionable measures to improve financial health.
‎
‎”If we leave this room with a clear set of priorities, this Roundtable will have achieved its purpose,” he said.
‎
‎He welcomed Queen Máxima and expressed appreciation for her leadership in advancing financial inclusion and financial health globally.
‎
‎The roundtable brought together representatives from regulatory institutions, financial sector leadership, government, development partners and industry to discuss ways of improving financial health in Ghana.
‎
‎Dr Asiama expressed hope that the discussions would produce practical solutions to expand access to finance and strengthen the financial resilience of households and businesses.