The Bank of Ghana (BoG) has declared that lending conditions across the financial sector are on a sustained upward trajectory, providing the central bank with a critical window to accelerate regulatory reforms aimed at deepening financial inclusion through digital innovation.
Governor Dr. Johnson Pandit Asiama made the remarks on Monday during the Ecobank JoyBusiness Financial Dialogue Series in Accra, held under the theme, “Unlocking Access, Empowering Communities, Transforming Economies: Driving Financial Inclusion Through Digital Transformation.” The Governor’s address was delivered on his behalf by Owureku Asare, Head of the BoG’s FinTech and Innovation Department.
A Turning Point for Credit Access
The central bank’s upbeat assessment comes as Ghana’s economy continues to stabilise following the completion of its debt restructuring programme under the International Monetary Fund (IMF) support. Recent data points to a cooling of inflationary pressures—currently hovering near single-digit or low-teen territory—which has allowed the Monetary Policy Committee to gradually ease its tight stance. Consequently, commercial banks are exhibiting a renewed appetite for risk, with reduced policy rates slowly translating into cheaper borrowing costs for households, small businesses, and entrepreneurs.
“Conditions for increasing lending are progressively improving,” Dr. Asiama stated, indicating that the sector is moving past the liquidity strains that characterised the post-COVID era and the recent fiscal consolidation phase.
Modernising the Rulebook for a Digital Age
However, the Governor stressed that improved credit access alone is insufficient without a corresponding upgrade to the nation’s legal and regulatory framework. He revealed that the BoG is actively overhauling its supervisory architecture to keep pace with the rapid proliferation of mobile money, blockchain-based solutions, and AI-driven credit scoring models.
“We are also modernising our regulatory frameworks to keep pace with innovation,” Dr. Asiama said. “The Central Bank is committed to creating a regulatory environment that encourages innovation while preserving the safety, soundness and integrity of Ghana’s financial system.”
Sources close to the central bank indicate that this modernisation will likely involve a comprehensive review of the Payment Systems and Services Act (Act 987), with a focus on establishing clearer guidelines for non-bank financial institutions and fintech startups. The BoG’s regulatory sandbox—already operational for piloting new products—is expected to be expanded, allowing fintech firms to test innovative lending models under relaxed supervision before scaling them nationally.
The SME and Unbanked Dividend
The Governor underscored that digital transformation is no longer a luxury but a necessity for financial inclusion. By leveraging mobile technology and alternative data, lenders can now reach the estimated 40% of Ghanaian adults who remain outside the formal banking sector.
“Digital transformation has become a key driver of financial inclusion by expanding access to financial services, reducing transaction costs, and creating opportunities for individuals and businesses that have traditionally been underserved,” Dr. Asiama noted. For small and medium enterprises (SMEs)—which account for nearly 70% of Ghana’s GDP but have historically faced rejection due to a lack of traditional collateral—this shift could be transformative. Fintech platforms offering micro-loans based on mobile money transaction histories are already filling the gap, and the BoG’s new stance aims to legitimise and scale these channels.
Balancing Innovation with Stability
While the push for digital credit is welcome, the central bank remains vigilant about the accompanying risks. Dr. Asiama reiterated that the BoG will work closely with banks, fintech companies, and industry stakeholders to develop policies that promote responsible innovation.
“We must strengthen consumer protection, cybersecurity, and effective risk management,” he cautioned, warning against a repeat of the predatory lending practices seen in some other emerging markets. The central bank is expected to roll out stricter data privacy guidelines and cyber-resilience benchmarks for digital lenders in the coming months.
A Collaborative Path Forward
The Ecobank JoyBusiness Financial Dialogue Series, which convened regulators, financial institutions, and industry experts, served as a platform to align these ambitions. The BoG maintained that its ongoing reforms are intended to build a more inclusive, resilient, and competitive financial ecosystem capable of supporting Ghana’s long-term economic transformation.
As the country charts its course toward digital-led prosperity, Monday’s message was clear: credit is flowing again, but the rules of the game are being rewritten to ensure that no Ghanaian—urban or rural, banked or unbanked—is left behind.
