A Call for Economic Transformation
Kwabena Boateng, Deputy Managing Director for Wholesale Banking at Fidelity Bank, has called on the financial sector, government, and private sector players to shift from a “gatekeeping” mindset to one of “gardening.” This means moving away from cautious lending practices towards active partnerships that help build the nation’s productive capacity.
Speaking at the 14th Ghana Economic Forum held at the Kempinski Gold Coast Hotel, Mr. Boateng emphasized the importance of productivity in determining the value of Ghana’s currency. He stated that the real anchor of the Cedi lies not just in its reserves but in the productivity of industries and people.
“What gives a currency its real value is not the paper it’s printed on, or the reserves behind it, but the productivity that sustains it,” he said. “The more we invest in sectors that create value—such as agriculture, manufacturing, and exports—the more stable and resilient our currency becomes.”
Mr. Boateng pointed out that while Ghana’s economy has made impressive strides in stabilization, with growth of 6.3% in the second quarter and single-digit inflation of 9.4%, financing patterns still show an imbalance.
“The services sector continues to expand rapidly, accounting for over 42% of GDP and receiving 36.8% of all bank credit, while manufacturing attracts just 12.4% and agriculture, despite its vast potential, receives a fraction of that,” he observed. “We have a powerful economic vehicle, but the power isn’t distributed evenly to all its wheels.”
He warned that this uneven distribution creates vulnerabilities, urging financial institutions and policymakers to address the “financing conundrum” that perpetuates high risk and underinvestment in productive sectors.
Addressing the Risk Perception
The key obstacle, according to Mr. Boateng, is the perception of risk, particularly in the Agriculture sector, which has a high Non-Performing Loan ratio of 54.2%. “This creates a cycle of caution: high risk leads to less lending, which leads to under-investment, which in turn perpetuates the very risks we fear. To achieve a true economic reset, we must break this cycle.”
To tackle this, he proposed a systemic reset that combines finance, policy support, innovation, and partnerships. Citing Fidelity Bank’s ongoing initiatives, Mr. Boateng highlighted how patient, purposeful capital can unlock growth in high-impact sectors.
Fidelity Bank’s Initiatives
Two flagship programs by Fidelity Bank exemplify this approach:
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BRIDGE-in-Agriculture Programme: Implemented in partnership with the Mastercard Foundation, this initiative has disbursed over GH¢94 million to SMEs and smallholder farmers, focusing on youth and women entrepreneurs. Combined with direct lending of GH¢220 million this year, Fidelity’s total agricultural support now exceeds GH¢314 million. Beyond finance, the program provides technical assistance, market access, and training in climate-smart agriculture.
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Greentech Innovation Challenge: This initiative supports young innovators tackling major agricultural challenges in areas like precision agriculture. The bank’s GH¢2 million investment in these green pioneers has already seen the first cohort generate over GH¢13 million in revenue, with some expanding to Nigeria and Sierra Leone. This validates the strategy of coupling innovation with patient capital.
“These programmes show that when you combine patient capital with innovation and technical support, you can turn high-risk sectors into high-impact ones,” Mr. Boateng remarked.
Future Directions
Looking ahead, Mr. Boateng urged stronger public–private partnerships to de-risk the real economy, promote export-linked financing, and expand access to green and inclusive finance for women and youth entrepreneurs. He also called for accountability mechanisms that measure not only credit volumes but their tangible impact on value creation, exports, and jobs.
Mr. Boateng reaffirmed Fidelity Bank’s commitment to being an active catalyst in Ghana’s transformation journey. “At Fidelity, we do not simply lend; we partner to build. We want to see a Ghana where our currency is strong, our industries vibrant, and our people, especially our youth and women, empowered to create lasting value,” he said.