Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has entreated commercial banks to increase support for agriculture, manufacturing and export-oriented businesses to drive sustainable economic growth.

Speaking at a meeting with Managing Directors and Chief Executives of banks, Dr. Asiama said the long-term sustainability of Ghana's financial system depends on the strength and growth of the real sector.

According to him, banks must redirect attention to their core mandate of financial intermediation and support productive economic activity as macroeconomic conditions continue to improve.

"As we sustain stable macroeconomic conditions going forward, let me reiterate that the banking industry must increasingly turn its attention to its fundamental role of financial intermediation and support for productive economic activity," he stated.

The Governor stressed that sectors such as agriculture, manufacturing, services and exports remain critical to creating jobs, generating quality assets and sustaining economic prosperity.

"The long-term sustainability of our financial system ultimately depends on the strength of the real sector. A vibrant manufacturing sector, competitive agriculture, efficient services sector and thriving export-oriented businesses. These are essential for generating sustainable credit demand, quality assets, employment and economic prosperity," he said.

Dr. Asiama urged banks to take advantage of the current macroeconomic stability, declining interest rates and advances in financial technology to develop innovative products that address the needs of businesses and households.

"Let me urge banks to leverage the gains from macroeconomic stability so far. We have declining interest rates. We have advances in financial technology. Use this to develop innovative products, products that meet the evolving needs of households and businesses," he added.

The Governor further encouraged banks to go beyond traditional lending and position themselves as strategic partners to businesses by providing advisory services, facilitating market access and supporting entrepreneurship.

"You have to go beyond mere financing and position yourselves as strategic partners to businesses. This includes providing business advisory services, supporting entrepreneurship, facilitating market access and developing export clinics," he stressed.

Dr. Asiama noted that increased support for productive sectors, particularly agriculture and exports, will be crucial in transforming Ghana's current economic stability into long-term prosperity.