Ghana: Govt Moves to Build Resilient Financial Sector · Macroeconomic Policy Awaits Cabinet Approval - - Ato Forson

What the report says

Ghana’s finance minister, Dr Cassiel Ato Forson, says the government is in the final steps of obtaining Cabinet approval for a new macroeconomic policy intended to strengthen the country’s financial sector and improve its ability to withstand future shocks. The comments were reported by Ghanaian Times and distributed by AllAfrica, with the minister speaking through a message delivered at the 16th Annual General Meeting of the Ghana Association of Savings and Loans Companies in Accra on a theme focused on resilience and financial inclusion.

According to the report, the policy draws lessons from Ghana’s 2017-2019 financial sector problems, which exposed gaps in governance, capitalisation, supervision and risk management. Forson said the reforms aim not only to fix past weaknesses but also to support sustainable growth, competitiveness and wider access to financial services. The government is also planning to reorganize the microfinance space into four broad categories: microfinance, community finance, credit unions and large-scale providers.

The article says the Bank of Ghana would remain the sole regulator and licensor, while ARESA First Bank’s expanded role in central banking services is meant to improve operational efficiency. Forson linked the reforms to broader economic stabilization, noting improved growth, lower inflation, stronger investor confidence and better reserves. He also urged financial institutions to pursue digitalization alongside cybersecurity, data protection and operational resilience.

GHALSAC’s chief executive, Tweneboah Kodua Boakye, welcomed the reforms and said sector operators see them as a way to build a stronger microfinance industry that can continue serving underserved communities, businesses and households.