Fidelity Bank’s Kwabena Boateng calls for shift from lending to active partnerships to drive Ghana’s economic growth

Mr Kwabena Boateng, Deputy Managing Director of Fidelity Bank in charge of Wholesale Banking, has called on financial sector stakeholders to shift from traditional lending to “active partnership” models to accelerate national development and strengthen the Cedi.

Speaking at the 14th Ghana Economic Forum in Accra, he underscored the urgency of directing more investments into agriculture, manufacturing, and export-driven sectors, stressing that a currency’s true value is sustained by productivity rather than reserves or the paper on which it is printed.

Mr Boateng expressed concern over Ghana’s credit distribution patterns, noting that while the services sector continues to expand, accounting for more than 42 per cent of GDP and absorbing 36.8 per cent of bank credit, manufacturing attracts only 12.4 per cent, with agriculture receiving an even smaller share despite its vast potential. He likened the economy to a powerful vehicle whose “power isn’t distributed evenly to all its wheels.”

The forum, organised by the Business and Financial Times (BnFT) under the theme “Currency Value Addition – A Reset for Sustainable Economic Growth,” brought together policymakers, government officials, private sector actors, and development partners to discuss pathways for economic resilience.

Highlighting Fidelity Bank’s own interventions, Mr Boateng referenced the BRIDGE-in-Agriculture Programme, implemented in partnership with the Mastercard Foundation. The initiative has disbursed more than GH¢94 million to SMEs and smallholder farmers, particularly women and youth, alongside direct lending of GH¢220 million this year, bringing the bank’s total agricultural support to over GH¢314 million. The programme also provides technical assistance, market access, and training in climate-smart agricultural practices.

He further pointed to the Greentech Innovation Challenge, which equips young innovators to tackle agricultural challenges through technology such as precision farming. Fidelity Bank’s GH¢2 million investment in the initiative has already borne fruit, with the first cohort generating more than GH¢13 million in revenue and some expanding operations to Nigeria and Sierra Leone.

According to him, these initiatives demonstrate that combining patient capital with innovation and technical support can transform high-risk sectors into high-impact growth drivers.

Mr Boateng urged stronger public–private partnerships to “de-risk the real economy,” support export-linked financing, and expand access to green and inclusive finance, especially for women and youth entrepreneurs. He also called for accountability frameworks that measure not only credit volumes but concrete outcomes in value addition, exports, and job creation.