The Bank of Ghana (BoG) has reaffirmed its commitment to supporting micro, small and medium enterprises (MSMEs) and strengthening Ghana’s financial sector, as the country seeks to unlock inclusive growth and restore public trust in its banking system.
Delivering a speech on behalf of Governor Dr. Johnson Asiama at the 15th Annual General Meeting (AGM) of the Ghana Association of Savings and Loans Companies (GHASALC) in Accra, Desmond Agboka, Deputy Director of Non-Bank Financial Institutions (NBFI), praised MSMEs as “the silent engines of job creation, innovation and grassroots development in Ghana.”
Speaking under the theme “Empowering MSMEs for Inclusive Growth,” Mr. Agboka urged savings and loans institutions serving over 5 million customers with an asset base of GHS 9.2 billion to rebuild public confidence and sharpen their relevance in an evolving financial landscape.
“The future of Ghana’s economy is tied to the success of our MSMEs. Savings and loans institutions must return to their core mandate of mobilising small savings and providing tailored financial services to this critical sector,” he stressed.
Three Key BoG Interventions
Public Asset and Balance Sheet Development:
In collaboration with the IFC, World Bank, and the Ghana Global Financial Infrastructure Programme, the BoG is developing a structured approach to tackle non-performing and toxic assets across banks and specialised deposit-taking institutions.
Financial and Liquidity Support:
The Central Bank is engaging the Ministry of Finance on a liquidity support framework for struggling institutions.
“Any intervention would be tied to strict accountability, transparency, and governance reforms,” he emphasised.
Regulatory Reforms and Confidence Building:
Mr. Agboka pledged the BoG’s commitment to working with industry players to create a compliant, transparent, and resilient sector, calling on institutions to embrace internal reforms, regulatory compliance, and enhanced stakeholder communication to restore public confidence.
Addressing Structural Challenges
He identified rising non-performing loans (averaging ~15%), fragile macroeconomic conditions, and waning public trust as major challenges.
“The challenges are not insurmountable. But they require vision, discipline, and innovation,” he said.
Call to Action for Savings & Loans Companies
Mr. Agboka urged institutions to return to their mission of serving micro-enterprises and avoid speculative corporate lending, embrace digital innovation to expand access and strengthen risk management and prioritise sustainable capacity building, leadership development, and governance reforms.
Commitment to Financial Inclusion
Reaffirming the BoG’s resolve to promote financial inclusion, especially for MSMEs, Mr. Agboka concluded:
“Our work determines whether a young woman with a sewing machine, a local farmer in Goaso, or a mechanic in Tamale can dream of a better future.”
He urged industry players to see financial intermediation as “not just a commercial transaction, but a social contract.”
The 15th GHASALC AGM brought together stakeholders to strategise on strengthening the role of savings and loans companies in driving inclusive economic growth and job creation across Ghana.
