The Governor of the Bank of Ghana, Dr. Johnson Asiama, has pledged to push interest rates below ten percent as part of efforts to support businesses and accelerate economic growth.
Speaking at the Bank of Ghana’s Nine Lessons and Carols Service, Dr. Asiama said the move is aimed at reducing the cost of borrowing and creating a more enabling environment for the private sector.
“My determination is to see interest rates come down to single digits in the days ahead,” he said, stressing that high lending rates continue to constrain business growth.
He noted that small and medium-sized enterprises, which form the backbone of the economy, are among the hardest hit by high interest rates, limiting their ability to expand operations and create jobs.
“When borrowing costs are lowered, businesses can invest, grow, and employ more people,” Dr. Asiama explained.
The Governor assured that while the central bank pursues lower interest rates, it remains committed to safeguarding macroeconomic stability.
“Our focus is to promote stability while ensuring that businesses have access to affordable credit to drive productivity and job creation,” he added.
Dr. Asiama expressed confidence that improving economic conditions and ongoing policy measures would make it possible to achieve the single-digit interest rate target, boosting investor confidence and strengthening Ghana’s economic outlook.