Responsible credit key to improving financial health in Ghana – BoG Governor

Bank of Ghana Governor Dr. Johnson Pandit Asiama has identified productive and responsible credit as one of the most important ways to improve the financial health of households and businesses in Ghana.

He said access to appropriately designed credit could help individuals invest in their futures while providing businesses with the capital needed to expand, innovate and create jobs.

Speaking at the Financial Health Leadership Roundtable at the Bank Square on Wednesday, November 4, Dr. Asiama said financial health went beyond access to banking services and depended on several factors, including savings, insurance, pensions, investment opportunities and financial literacy.

“For Ghana, however, one of the most important pathways to improving financial health is through productive and responsible credit,” he said.

The Governor explained that although Ghana had made significant progress in expanding access to financial services through digital infrastructure, there was a need to translate that access into better financial outcomes for households and businesses.

“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 added.

Dr. Asiama noted that Ghana’s financial sector had undergone considerable transformation over the past decade, driven by innovation, collaboration and investment in digital infrastructure.

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 that had fostered growth and trust.

However, he stressed that expanding access alone was not enough, urging stakeholders to focus on how financial services could strengthen the ability of individuals and businesses to withstand financial shocks and pursue long-term opportunities.

The roundtable brought together stakeholders from the financial sector, government, development institutions and industry to discuss practical ways of improving financial health.

Dr. Asiama encouraged participants to identify barriers to progress and agree on concrete commitments to advance the agenda.