The Bank of Ghana (BoG) has underscored the importance of mobilising domestic savings to sustain economic stability and finance the country’s long-term growth and development agenda.
Mrs. Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana, said trust, policy credibility and domestic capital mobilisation would be critical to consolidating recent macroeconomic gains and unlocking productive investments across key sectors of the economy.
Speaking at the Money Summit 2026 organised by the Business and Financial Times, Mrs. Asante-Asiedu noted that Ghana had made significant progress in restoring macroeconomic stability, citing moderating inflation, declining interest rates and improved international reserves.
She, however, stressed that the country must move beyond stability and focus on translating those gains into investments that support businesses, create jobs and drive economic growth.
“Trust, capital and stability are mutually reinforcing pillars that will determine our ability to sustain economic recovery and accelerate development,” she said.
According to the Second Deputy Governor, investor confidence remains essential in reducing risk premiums, lowering the cost of capital and attracting long-term investments into the economy.
She explained that a stable macroeconomic environment must be accompanied by adequate financing for productive sectors such as agriculture, manufacturing and small and medium-sized enterprises (SMEs) to ensure that economic recovery delivers tangible benefits to households and businesses.
Mrs. Asante-Asiedu disclosed that the central bank was working with stakeholders across the financial sector to mobilise long-term domestic savings, including pension funds, remittances and capital market resources, to support investments in the real economy.
“We have over GH¢100 billion in pension funds, capital market resources and remittances. The challenge is how to channel these funds into productive ventures that can support growth and transformation,” she stated.
She therefore urged financial institutions to develop innovative investment products that would encourage savings and direct capital towards sectors with high growth potential.
The Deputy Governor said the Bank of Ghana was implementing several initiatives aimed at strengthening financial intermediation and expanding access to credit.
These include credit guarantee schemes to reduce lending risks, alternative credit scoring systems to improve financing opportunities for informal businesses and individuals, and bank recapitalisation efforts to strengthen the capacity of financial institutions to support long-term lending.
She explained that credit guarantee schemes could help financial institutions extend loans to SMEs that often struggle to meet traditional collateral requirements, while alternative credit assessment models could bring more businesses into the formal financial system.
Mrs. Asante-Asiedu noted that bank recapitalisation remained essential for enhancing the resilience of the banking sector and improving its ability to finance economic activities over the long term.
She observed that one of the major challenges confronting Ghana’s financial system was the need to convert domestic savings into productive investments rather than allowing available capital to remain concentrated in short-term and low-risk instruments.
According to her, pension funds, remittances and capital market resources represent significant pools of capital that could play a transformative role in supporting industrialisation, export growth and job creation if effectively mobilised.
She emphasised that credible investment vehicles, sound regulation, transparent governance and predictable economic policies were necessary to attract long-term capital into productive sectors.
Mrs. Asante-Asiedu said macroeconomic stability, although crucial, was only the foundation for sustainable growth.
“The next phase of Ghana’s economic transformation must be driven by stronger financial intermediation, increased investor confidence and the deliberate mobilisation of domestic capital into productive sectors of the economy,” she said.
She added that the financial sector must play a more active role in financing the real economy and supporting the country’s broader development objectives.
