The Governor of the Bank of Ghana, Dr. Johnson Asiama has committed to driving interest rates below 10% to empower businesses and fuel economic growth.
At the Bank of Ghana’s Nine Lessons and Carols Service, Dr. Asiama emphasized that slashing borrowing costs would foster a thriving environment for the private sector. “My determination is to see interest rates come down to single digits in the days ahead,” he declared, highlighting how high lending rates stifle business expansion.
He pointed out that small and medium-sized enterprises (SMEs) the economy’s backbone suffer most from elevated rates, which curb their growth, operations, and job creation. Lower costs, he argued, would enable firms to invest, scale up, and hire more workers.
Dr. Asiama reassured stakeholders that the central bank will balance this push with macroeconomic stability. “Our focus is to promote stability while ensuring businesses access affordable credit to drive productivity and job creation,” he stated.
Optimistic about recent economic improvements and policy actions, the governor believes this target will enhance investor confidence and bolster Ghana’s economic prospects.
Story by: Mercy Addai Turkson #ahotoronline.com