The Bank of Ghana (BoG) is stepping up efforts to promote green and sustainable finance as part of its strategy to help small and medium-sized enterprises (SMEs) remain competitive in international markets.
Speaking at a workshop on “Supporting SMEs to Sustainable Global Value Chains” in Accra, the Governor of BoG, Dr Johnson Asiama, said sustainability is increasingly becoming a prerequisite for global trade, with buyers demanding evidence of ethical sourcing, traceability, and low-carbon practices from suppliers.
“Staying competitive will depend not only on productivity and quality, but also on the ability of our SMEs to meet evolving sustainability standards. This shift is not just a regulatory challenge – it is also a credit challenge, and therefore a banking challenge,” he stated.
Dr Asiama revealed that the central bank is encouraging financial institutions to integrate climate-conscious considerations into SME lending by developing products such as green loans, sustainability-linked credit guarantees, and tailored advisory services.
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He cited trends across OECD countries where banks have already embedded sustainability into financing frameworks, stressing that Ghana cannot afford to lag behind.
“As sustainability becomes a prerequisite for global market access, we must design financial products that enable SMEs to adopt energy-efficient technologies, meet international certifications, and integrate into sustainable value chains,” he added.
The workshop, organized by the Ghana Association of Banks (GAB) in collaboration with Afreximbank, the African Development Bank (AfDB), and the Trade and Development Bank (TDB), brought together policymakers, development finance institutions, and private sector leaders to discuss ways of empowering Ghanaian SMEs to scale into regional and global value chains.
Dr Asiama also highlighted broader reforms the BoG has implemented to strengthen the banking sector, improve access to finance, and create a predictable foreign exchange environment, all of which are critical for SME growth.
He urged banks to move beyond collateral-based lending by adopting innovative approaches such as supply-chain finance and risk-sharing mechanisms, while also pairing financial support with technical assistance to help SMEs meet sustainability and export standards.
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“With improved macroeconomic stability, stronger reserves, and renewed investor confidence, the conditions are now right for our SMEs to grow with ambition. But growth must be sustainable.
If we succeed in aligning our SMEs with global sustainability benchmarks, we will not only make them competitive but also secure lasting prosperity for Ghana,” he concluded.
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