The Asantehene, Otumfuo Osei Tutu II, urged the Bank of Ghana (BoG) leadership to devise creative strategies for slashing interest rates and unleashing domestic private investment.
He described the high cost of credit as a major obstacle to Ghana’s path toward a self-reliant economy. During a historic courtesy visit to the central bank’s headquarters on Wednesday, the monarch praised recent progress in curbing inflation and stabilizing the exchange rate.
Yet he warned that these advances fall short without bold monetary policy changes to make loans affordable for local businesses.
A Call for Accelerated Action
“The challenge I leave with your creative brains,” Otumfuo Osei Tutu II told BoG Governor Dr. Johnson Asiamah, his deputies, and the Monetary Policy Committee, “is to shift the economy from this crippling high-interest regime to one that fuels business growth and wealth creation.”
The Asantehene’s remarks followed the governor’s caution against mistaking short-term economic gains for lasting stability. Dr. Asiamah stressed that a robust cedi requires ongoing discipline and a productive real economy.
Otumfuo Osei Tutu II positioned his plea as vital for national progress, rejecting reliance on government spending or foreign investment alone amid global uncertainties. “No amount of government investment can meet our needs,” he said. “We need a massive drive for private sector involvement in industry and that demands lower interest rates now.”
While acknowledging that rates have started to decline, he insisted on faster progress, drawing from past lessons.
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Story by: Mercy Addai Turkson #ahotoronline.com