The governor of Bank of Ghana, Dr. Johnson Asiama, has pledged to significantly lower lending rates for businesses below 10 percent within the duration of his four-year term.
At a corporate forum organized by the Association of Ghana Industries (AGI) in Accra, Governor Asiama highlighted the significant role of the manufacturing sector in driving economic progress. However, he noted that this contribution is hindered by elevated interest rates, which obstruct their growth and expansion efforts.
Certainly, the Governor voiced his worries about the current elevated interest rates that hinder business expansion. During their latest Monetary Policy Committee gathering, the central bank collectively decided to keep the monetary policy unchanged at 28 percent—even though disinflation is progressing as planned and the cedi remains fairly steady.
Inflation has consistently decreased over four successive months, dropping from 23.8 percent in December 2024 to 21.2 percent in April 2025, and most recently down to 18.4 percent in May 2025.
Dr. Asiama defended the central bank’s cautious approach to monetary policy, stating: "By embracing this restraint now, we aim to foster industrial growth in the future within a low-inflation, low-interest-rate climate that values productivity."
He stated that the primary objective of the central bank is to reinstate macroeconomic stability, rejuvenate trust among investors and markets, and establish a solid groundwork for balanced and inclusive long-term development.
Concerns have been raised that the current relative economic stability might only be short-lived because of the debt relief obtained through the government's external debt restructuring program, which was jointly chaired by France and China from Ghana’s Official Creditors Committee. In response, the central bank governor reassured the business community that comprehensive plans are being developed to manage future debt payments effectively.
The Governor further explained two measures aimed at ensuring lasting stability for the nation’s legal currency. These include preventing leaks from foreign exchange reserves involving Goldbod as well as monitoring remittance flows.
"Using the Gold Board, we anticipate that smuggling and other leaks will decrease. Our subsequent strategy involves addressing remittance inflows as well," he further stated.
He also suggested that the strengthening of the cedi is not coincidental but rather the outcome of purposeful, well-coordinated, and trustworthy policy measures currently being enforced.
Provided by Syndigate Media Inc. ( Syndigate.info ).
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