Ghana's banking sector continues to record strong growth and improved stability, according to the Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama.

Speaking to Chief Executive Officers (CEOs) and Managing Directors of banks, Dr. Asiama said the industry has made significant progress in key areas, including asset growth, capital strength and loan quality.

According to him, the total assets of the banking sector increased by 26.6% to GHS493.9 billion. He also noted that the sector's Capital Adequacy Ratio, a key measure of a bank's financial strength, rose to 22.3% from 17.5% recorded a year earlier.

The Governor further revealed that the ratio of non-performing loans (NPLs) fell from 23.6% to 18%, indicating an improvement in the quality of loans held by banks.

"I am particularly encouraged by the continued improvement in the banking sector. Total banking sector assets expanded by 26.6% to GHS493.9 billion. Capital adequacy also strengthened, with the industry ratio increasing to 22.3% from 17.5% a year ago. Asset quality has also improved, with the NPL ratio declining from 23.6% to 18%," Dr. Asiama stated.

He attributed the sector's performance to the combined efforts of financial institutions and regulators in strengthening Ghana's banking industry.

“These developments demonstrate the resilience of the banking sector and reflect the collective efforts undertaken by all institutions, including ourselves,” he added.

Despite the positive performance, Dr. Asiama cautioned banks against relaxing their efforts, stressing that credit risk remains a major concern.

He urged banks to strengthen their credit assessment processes, improve loan recovery measures and fully comply with regulatory requirements aimed at reducing bad loans to acceptable levels.

Beyond the banking sector, the Governor highlighted the strong performance of the Ghanaian economy. He disclosed that the Composite Index of Economic Activity grew by 12.6% in March 2026, compared to 2.3% during the same period in 2025.

According to him, the growth was driven by increased private sector credit, industrial production, consumer spending and trade activities.

"The domestic economy continues to demonstrate remarkable resilience," he said.

On inflation, Dr. Asiama noted that although headline inflation increased slightly from 3.2% in March to 3.7% in May 2026, overall price pressures remain largely under control. He explained that core inflation, which excludes volatile items, continues to decline, suggesting that underlying inflationary pressures are easing.

The Governor also pointed to Ghana's strong external sector performance. He revealed that the country's current account surplus rose to $3.1 billion in the first quarter of 2026, supported by strong earnings from gold and cocoa exports as well as stable remittance inflows.

In addition, Ghana's gross international reserves increased to $14.4 billion, providing enough cover for 5.7 months of imports and strengthening the country's ability to withstand external economic shocks.

Dr. Asiama said the positive developments across the banking sector and the broader economy reflect Ghana's growing resilience and improving economic outlook, while emphasizing the need for continued vigilance to sustain the gains achieved so far.