The Bank of Ghana (BoG) has called upon banks to create customized and flexible credit products that cater to the financing requirements of small and medium-sized enterprises (SMEs), especially those engaged in the agricultural value chain.
Dr. Johnson Asiama, the Governor of the Bank of Ghana, emphasized that the enhancements in the macroeconomic landscape and the recovery in private sector credit should lead to improved access to financing for productive enterprises.
During a post-Monetary Policy Committee meeting with Heads of Commercial Banks at the Bank Square on Wednesday, August 12, 2026, Dr. Asiama highlighted that private sector credit experienced a growth of 41.2% in June 2026, in contrast to 8.6% the previous year, while real private sector credit growth was recorded at 34.1%.
Nevertheless, he pointed out that numerous SMEs, particularly those within the agricultural sector, continue to encounter challenges in securing financing due to banks’ perceptions of them as relatively high-risk.
“Despite the favorable economic conditions and the increasing demand for credit, many SMEs, especially those in the agricultural value chain, still find it difficult to obtain financing because banks regard these businesses as relatively high-risk,” he stated.
Dr. Asiama thus urged banks to enhance their comprehension of the businesses and sectors they finance and to create lending products that accurately reflect the realities faced by agricultural enterprises.
“As financial institutions, you are not just intermediaries; you play a crucial role as business partners in economic growth and transformation. I encourage you to deepen your understanding of the businesses and sectors you serve, particularly the unique dynamics of agriculture and its related value chains,” he remarked.
The Governor also indicated that banks should design credit products that consider the seasonal characteristics of agricultural activities, including repayment structures that align with the cash flows of borrowers.
“This should involve the creation of innovative and adaptable credit products that acknowledge the seasonal characteristics of agricultural activities and synchronize loan repayment schedules with the timing and patterns of borrowers’ cash flows,” he stated.
He indicated that such a strategy would assist SMEs in obtaining financing under terms that more accurately reflect their business operations, while also enabling banks to manage lending risks more efficiently.
“This strategy would allow SMEs to secure financing on terms that align more closely with the realities of their operations, aid banks in effectively managing risk, and ensure that the advantages of an improved macroeconomic environment lead to increased economic activity and job creation,” Dr. Asiama further remarked.
This appeal arises at a moment when financial conditions have significantly improved, characterized by falling interest rates and enhanced credit flows to the private sector.
The Governor noted that the present economic climate offers banks a chance to take a more proactive role in supporting businesses and households, especially as inflation has decreased, the exchange rate has remained relatively stable, and credit creation has started to recover.
He emphasized that banks are “well positioned to assume a central role” in converting the benefits of macroeconomic stability into real advantages for businesses, households, and the wider economy.
