BoG urges banks to support SMEs, agribusiness for export growth
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has called on commercial banks to step up efforts to drive Ghana’s export growth by developing innovative, export-oriented financial products that will empower small and medium-sized enterprises (SMEs) and agribusinesses to 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, Dr Johnson Asiama, said the next phase of Ghana’s economic recovery depends on stronger collaboration between the Central Bank and the banking industry.
He noted that while the Bank of Ghana has succeeded in stabilising the cedi and bringing inflation under control, maintaining this stability will depend on how effectively commercial banks can channel credit towards the real sectors of the economy, particularly those that produce for export.
“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,” Dr Asiama said.
He emphasised that banks play a vital role in helping Ghana diversify its export base beyond traditional commodities such as cocoa, gold and crude oil. Many SMEs, especially in agribusiness and light manufacturing, continue to face significant barriers in accessing affordable financing to expand production and meet export standards.
To address these challenges, the BoG is encouraging banks to design export-focused financial products such as specialised loan packages, credit guarantees and foreign exchange support facilities tailored to the needs of export-ready businesses.
“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,” the Governor said.
Dr Asiama also urged banks to remain compliant with domestic regulations by using local insurance firms for import coverage to reduce foreign exchange leakages and strengthen local liquidity. He further called on banks to list publicly on the Ghana Stock Exchange, noting that public listing would boost capital strength, transparency and long-term growth prospects.
The Governor noted that with the right financial support, enterprises across the country could significantly increase production capacity and foreign earnings. For example, a cocoa processing firm in Kumasi could access long-term, low-interest credit to export chocolate to Europe, while a shea butter cooperative in the Northern Region could secure export financing to purchase modern processing equipment and meet international quality standards.
Such targeted interventions, he said, would not only help stabilise the local currency by increasing foreign exchange inflows through formal channels but also create jobs and support sustainable growth across the country.
“The Bank of Ghana remains committed to fostering an environment where banks can innovate responsibly and play their part in powering Ghana’s export drive,” Dr Asiama affirmed.
He also assured that the Central Bank will continue to engage commercial banks, development finance institutions and government agencies to align credit policies with the broader national objective of export-led economic transformation.
