The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, says all 23 banks currently operating in Ghana are fully capitalised, signalling further strengthening of the banking sector following years of regulatory reforms and restructuring.
Dr. Asiama said the banking sector had become more robust and resilient, with banks maintaining sound capital and liquidity positions while improvements in asset quality were strengthening their balance sheets.
The banking sector is also robust and resilient, with all banks now well capitalised. All 23 banks are now fully capitalised. Capital and liquidity positions remain sound, while the improvement in asset quality provides a stronger balance sheet,” he said.
He made the disclosure at the 2026 CEOs Connect organised by the Canada-Ghana Chamber of Commerce, where he said the strengthened financial sector should now play a more active role in supporting private-sector growth and productive investment.
The Governor said the progress in the banking sector formed part of Ghana’s broader efforts to restore macroeconomic stability and strengthen confidence in the financial system.
Background to the recapitalisation drive
The current structure of Ghana’s banking sector is largely the result of the extensive reforms undertaken by the Bank of Ghana between 2017 and 2019 following significant weaknesses in the financial sector.
In September 2017, the BoG raised the minimum paid-up capital requirement for universal banks from GH¢120 million to GH¢400 million, with banks required to meet the new threshold by December 31, 2018. The regulator said the measure was intended to strengthen banks, make the financial sector more resilient to shocks and enable banks to support the growing financing needs of the economy.
The recapitalisation exercise took place alongside a broader financial-sector clean-up that involved the resolution of distressed banks, mergers and efforts to strengthen corporate governance, risk management and supervision.
By the end of 2018, 23 banks had met the GH¢400 million minimum capital requirement. The number of universal banks had fallen from 34 to 23 following mergers, exits and licence revocations during the reforms.
The BoG said the recapitalisation was expected to provide banks with stronger buffers against financial shocks while improving their ability to provide credit to the private sector. The regulator subsequently reported that improved banking-sector liquidity following the exercise supported a recovery in private-sector credit growth.
The reforms also sought to address weaknesses in corporate governance and risk management that had contributed to the failure of several financial institutions. The BoG has previously said poor corporate governance contributed significantly to excessive and imprudent risk-taking during the period that led to the financial-sector clean-up.
From recapitalisation to growth
Against this background, Dr Asiama said the latest position of the banking sector represented an important milestone but should not be viewed as an end in itself.
He said the improved stability must now translate into increased productive investment, stronger private-sector growth, higher exports and the creation of quality jobs.
The stability that we have achieved must now be translated into increased productive investment, stronger private-sector growth, higher exports and quality employment,” he said.
He therefore challenged banks to deepen their role in financing businesses and productive sectors of the economy rather than limiting their activities to traditional banking operations.
Banks urged to deepen capital-market participation
Dr. Asiama also urged banks to increase their participation in Ghana’s capital market as part of efforts to broaden access to long-term financing.
He said stronger participation by banks in the capital market could provide them with access to longer-term funding while also promoting greater transparency, stronger governance and a deeper financial system.
The Governor encouraged banks and businesses to diversify their financing sources beyond conventional bank lending.
These, he said, should include long-term debt and equity, trade finance, syndicated lending, private equity, leasing, export finance, development finance, and green and sustainability-linked financing.
According to him, a broader range of financing instruments would be particularly important for companies seeking to expand their operations, invest in productive capacity and compete across borders.
The call reflects a shift in focus from the immediate objective of repairing and recapitalising the banking sector towards ensuring that a stronger financial system contributes more directly to economic transformation.
With all 23 banks now fully capitalised, the challenge, Dr. Asiama indicated, is to ensure that the stronger balance sheets and improved resilience of the banking industry translate into greater access to finance, increased investment and sustainable growth for Ghana’s private sector.
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