Vice President Opoku-Agyemang and Finance Minister Ato Forson Urge Banks to Pivot Toward Ghana's Productive Sector

Vice President Professor Jane Naana Opoku-Agyemang and Finance Minister Dr. Cassiel Ato Forson have called on the banking sector to shift its focus from government financing toward the productive sectors of the economy. Speaking at the inauguration of Absa Bank Ghana's new head office, 'Absa Place,' in Accra, the Vice President emphasized that financial institutions must enhance access to credit for women-owned businesses and young entrepreneurs. She stressed the importance of practical financial solutions in agriculture, manufacturing, and trade, while urging banks to prioritize cybersecurity and technology-driven financial inclusion to maintain public confidence in the digital era.

Finance Minister Dr. Cassiel Ato Forson echoed these sentiments, urging banks to increase their footprint in manufacturing, exports, and agro-processing. This directive is a cornerstone of the President John Mahama administration's 'New Economy' programme, which seeks to reduce the government's reliance on domestic financing to free up capital for the private sector. Dr. Forson noted that while macroeconomic stability provides a necessary foundation, the next phase of Ghana's growth requires a competitive and productive economy capable of significant job creation. The Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, further reminded financial institutions of the need for operational resilience and robust risk management during this transition.

Parallel to these policy shifts, the Bank of Ghana is piloting a cedi-based payment system to facilitate trade with China, aimed at reducing the business community's heavy reliance on the US dollar. Governor Dr. Johnson Pandit Asiama announced that commercial banks, including Stanbic Bank, are participating in this pilot, which allows importers to settle transactions directly in cedis. In a similar move toward modernization, industry experts at a Graphic Business/Stanbic Bank forum highlighted that adopting digital submissions for foreign payments could further eliminate delays and reduce costs for cross-border trade, utilizing systems like the Pan-African Payment and Settlement System (PAPSS).

Despite these initiatives, analysts warn of a 'liquidity paradox' within the Ghanaian financial system. While banks and institutional investors have available capital, many productive businesses remain unable to access it due to a lack of investment readiness, poor governance, and unreliable financial records. To bridge this gap, experts recommend the creation of an investment-readiness pipeline and government-backed credit guarantees. Addressing these structural hurdles is viewed as essential for the success of programs like the 24-Hour Economy, ensuring that liquid assets are effectively converted into growth-oriented finance for the private sector.