Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, says Ghana's banking sector continues to demonstrate strong resilience, posting significant improvements in asset growth, capital adequacy and asset quality.

Addressing bank CEOs and Managing Directors, Dr. Asiama revealed that total banking sector assets expanded by 26.6 percent to GH¢493.9 billion, while the industry's capital adequacy ratio improved to 22.3 percent from 17.5 percent a year earlier.

He added that the sector's non-performing loan ratio declined significantly from 23.6 percent to 18 percent, reflecting improvements in asset quality across the industry.

"I am particularly encouraged by the continued improvement in the banking sector. Total banking sector assets expanded by 26.6 percent to GH¢493.9 billion. Your capital adequacy also strengthened, with the industry ratio increasing to 22.3 percent from 17.5 percent a year ago. Asset quality has also improved, with the NPL ratio declining from 23.6 percent down to 18 percent," he stated.

Dr. Asiama said the performance of the banking industry reflects the collective efforts of regulators and financial institutions to strengthen the sector.

"These developments demonstrate the resilience of the banking sector and reflect the collective efforts undertaken by all institutions, including ourselves represented right here," he added.

Despite the gains, the Governor cautioned banks against becoming complacent, warning that elevated credit risks continue to pose threats to financial stability.

"Nonetheless, we must not become complacent. Elevated credit risks remain a concern and banks must continue to strengthen credit underwriting standards. They have to improve recovery processes and they must comply fully with regulatory requirements that are aimed at reducing non-performing loans to tolerable prudential targets," he stressed.

Dr. Asiama also highlighted the strong performance of the broader economy, noting that the Composite Index of Economic Activity grew by 12.6 percent in March 2026, supported by robust private sector credit, industrial activity, consumption and trade.

"The domestic economy continues to demonstrate remarkable resilience. The Composite Index of Economic Activity expanded by 12.6 percent in March 2026 compared with 2.3 percent in the corresponding period last year. This strong performance was supported by robust growth in private sector credit, industrial activity, consumption and trade," he said.

On inflation, the Governor noted that price pressures remain largely under control despite recent increases.

"Inflation remained firmly under control. Headline inflation edged up slightly to 3.4 percent in April. It has since gone further to 3.7 percent in May 2026 from 3.2 percent in March. However, it is important to note that core inflation continued to decline, confirming that underlying inflationary pressures remain subdued," he explained.

Dr. Asiama further pointed to Ghana's strong external position, supported by robust export earnings and reserve accumulation.

"The external sector remains resilient. The current account surplus strengthened to $3.1 billion during the first quarter of the year, supported by strong export earnings from gold and cocoa together with stable remittance inflows. Gross international reserves increased to $14.4 billion, providing import cover of 5.7 months and strengthening buffers against external shocks," he noted.