Credit to businesses and households increased by more than 41 per cent in June this year, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said .
According to him, the development as a sign of renewed confidence in the economy and improved access to finance for the private sector.
The impressive growth, compared with about nine per cent in the same period last year, comes as the Central Bank maintained the Monetary Policy Rate at 14 per cent to keep inflation under control while supporting economic growth.
Addressing members of the business community in Sunyani on Wednesday, Dr Asiama said the strong growth in private sector credit was driven by a robust banking sector and improving macroeconomic conditions.
“Most importantly, banks are lending more to the private sector. Credit to businesses and households grew by more than 41 per cent in June this year, compared with about nine per cent a year earlier. This means more businesses have access to financing to expand, create jobs and contribute to economic growth,” he said.
The engagement brought together representatives of the Association of Ghana Industries (AGI), the Ghana Union of Traders Association (GUTA), the Ghana National Chamber of Commerce and Industry (GNCCI), the Association of Bankers, community banks, forex bureaux, microfinance institutions and the Ghana Journalists Association.
Dr Asiama explained that the banking sector remained strong, with banks well capitalised, as deposits continuing to grow and the quality of bank loans continue to improve.
The increased lending, he said, reflected growing confidence within the financial sector and would support business expansion, job creation and economic recovery.
He added that lending rates had declined, making it easier for businesses to access credit and invest.
On lending rates, the Governor said the Monetary Policy Committee decided at its last meeting to maintain the policy rate at 14 per cent after assessing developments in both the domestic and global economies.
According to him, the decision would help preserve macroeconomic stability while allowing room to respond to emerging global risks.
“We took this decision because we believe it is the right balance. It will help keep inflation under control while supporting businesses, investment and economic growth. At the same time, it gives us the flexibility to respond to changes in the global economy if necessary,” he noted .
Dr Asiama said Ghana’s economy continued to post strong growth despite uncertainty in the global economy as a result of the conflict in the Middle East and the resultant increase in crude oil prices.
He said the economy grew by 6.4 per cent in the first quarter of 2026, up from 6.2 per cent in the corresponding period last year.
He explained that the growth , was driven mainly by the services and industrial sectors, alongside stronger trade, increased industrial production, a recovery in tourism and higher bank lending.
On inflation, Dr Asiama said the rate rose slightly from 3.7 per cent in May to 5.3 per cent in June, largely because of higher transport costs following increases in global crude oil prices.
He, however, said the current level remained below the Bank’s target range.
“The recent increase was mainly due to higher transport costs following the rise in world crude oil prices. We believe this is temporary, and we will continue to monitor developments closely to ensure that inflation remains under control,” he said.
The Governor further said Ghana’s external sector remained resilient, supported by strong gold and cocoa exports, which contributed to a higher trade surplus in the first half of the year.
He said the country had accumulated US$12.9 billion in foreign exchange reserves, sufficient to cover five months of imports.
“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market,” he said.
He said , although the cedi came under pressure earlier this year due to global developments, particularly the conflict in the Middle East,the local currency had since recovered and that the Central Bank remained committed to maintaining an orderly foreign exchange market.
He assured the business community that the Bank of Ghana would continue to pursue policies that protected the value of the cedi, maintained price stability and created an environment in which businesses could thrive.
“Our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy,” he said.
