That is a flower bud developing. You can go ahead and let it mature and possibly see some (inedible) fruit development. But Musas are monocarpic and that pseudostem will die off after flowering. Hopefully, it has already developed suckers or offsets to replace that pseudostem.

Congratulations, that's a flower bud coming up.

The follower is pretty but a sign the plants life is coming to an end which is normal.

As said above, you might have some fruit by Fall... but they're not the best.

Thanks everyone. Definitely a newbie not knowing that. Sadly, the season just started so only have one teathered leaf and I hear they produce no more after the flower shows. My best canopy banana I guess will not be giving me the best canopy.

Knowing it is near end of life, should I plant another one next to it? It is key spot needing shade.

Thank you.

Congrats it is a flower coming up. It may not produce fruit although if it does they are not edible.