The Bank of Ghana (BoG) is calling on commercial banks in the country to provide support in driving Ghana’s export growth by creating financial products that help local businesses compete in international markets.
Speaking during a Post-Monetary Policy Committee (MPC) engagement with heads of commercial banks in Accra, the Governor of the Bank of Ghana said that sustaining the country’s recent economic stability depends on a strong partnership between the Central Bank and commercial banks.
Dr. Johnson Asiama emphasized that while the Bank of Ghana has done its part to bring inflation down and stabilize the cedi, the next phase of Ghana’s economic recovery requires banks to channel more credit into the “real economy”, especially sectors that produce for export.
The governor maintained that sustaining a stable exchange rate, deepening credit to productive sectors, and expanding exports require close collaboration between the Bank of Ghana and the banking industry.
The Governor’s call comes at a time when Ghana is working to diversify its export base beyond traditional commodities like cocoa, gold, and oil. Many small and medium-sized enterprises (SMEs), especially those in agribusiness and manufacturing, struggle to access affordable financing to expand production for export.
The BoG believes that banks can help change this narrative by designing export-oriented financial products such as special loan packages, credit guarantees, and forex support facilities that help businesses produce goods and services for foreign markets.
“As we celebrate these gains, let me stress that the task of consolidating stability is a shared one. Sustaining a stable exchange rate, deepening credit to productive sectors, and expanding exports require close collaboration between the Bank of Ghana and the banking industry,” the governor remarked.
He added, “I encourage all banks to design and promote export-oriented financial products, support SMEs and agribusiness, and work with us to enhance FX sourcing through formal channels. In the same spirit, we urge banks to adhere to domestic regulatory provisions, including the use of local insurance companies for import coverage to help reduce foreign exchange leakages and build local liquidity. We also expect banks to take active steps toward public listing to enhance capital strength, transparency, and long-term growth prospects.”
This call from the BoG to commercial banks means a cocoa processing firm in Kumasi looking to export chocolate to Europe could benefit from a long-term, low-interest export loan. Similarly, a shea butter cooperative in the Northern Region could access export credit to purchase modern machinery and meet international quality standards.
Such interventions, the Governor noted, would not only strengthen Ghana’s export earnings but also help stabilize the local currency by increasing foreign exchange inflows through formal channels.
