The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has outlined a deliberate and far-reaching effort to restore trust in the country’s troubled microfinance sector and the economy, after years of instability left many Ghanaians counting their losses.
Reflecting on his time in office so far, Dr Asiama in an X post (formerly Twitter), acknowledged that when the current leadership assumed responsibility at the central bank, confidence in the microfinance sector had been severely eroded.
Thousands of Ghanaians—particularly those in vulnerable communities—had lost hard-earned savings as a result of institutional failures, weak oversight, and poor governance. Trust was broken, institutions were unstable, and access to basic financial services was placed under serious threat.
Rather than responding with haste or rhetoric, the Bank of Ghana adopted a measured and deliberate approach.
“We didn’t rush to make noise,” Dr Asiama said, stressing that the first priority was to fully understand what went wrong. That careful assessment, he explained, has now translated into a comprehensive, step-by-step restructuring of the entire microfinance ecosystem.
At the heart of the reforms is the introduction of new categories of financial institutions, designed to bring clarity to the sector and ensure that each institution operates within a clearly defined scope. This has been reinforced by the establishment of clear prudential standards aimed at strengthening financial soundness and reducing the risk of future failures.
Supervision has also been significantly tightened. According to the Governor, stronger and more proactive oversight mechanisms are now in place to detect problems early and enforce compliance before depositors are put at risk.
Complementing these measures is a renewed focus on depositor protection, ensuring that the interests of ordinary Ghanaians—especially small savers—are placed at the centre of regulation.
A key pillar of the reform agenda is the enhanced role of ARB Apex Bank, which has been positioned as a central player in rebuilding capacity, improving governance, and extending responsible financial services, particularly to rural and community-based institutions.
Dr Asiama stressed that the reforms go beyond regulation for its own sake.
“This is not just a regulation. It is restoration,” he said, explaining that the ultimate goal is to restore confidence among families, farmers, market women, and small business owners—giving them renewed assurance to save again, borrow responsibly, and grow their livelihoods.
While acknowledging that much work remains, the Governor described the ongoing reforms as only the beginning of a broader transformation of Ghana’s financial landscape.
With trust gradually being rebuilt, the Bank of Ghana believes the microfinance sector can once again serve as a reliable engine for financial inclusion, resilience, and shared economic progress.
When we came into office, trust in the microfinance sector had been broken. Many Ghanaians, especially in our most vulnerable communities, had lost hard-earned savings. Confidence was shaken, institutions were unstable, and access to basic financial services was under threat.
We… pic.twitter.com/C1ZpUkPuRB
— Johnson Pandit Asiama (@DrJPAsiama) December 23, 2025
