BoG Governor Eyes Single-Digit Rates to Boost Business
By Praisebell Rosemond Larbi
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has pledged to push interest rates below ten percent to support businesses and stimulate economic growth across the country.
Speaking at the Bank of Ghana’s Nine Lessons and Carols Service, Dr. Asiama said the move aims to reduce borrowing costs and create 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 stressed, noting that elevated lending rates continue to constrain business expansion and limit investment opportunities.
He highlighted that small and medium-sized enterprises (SMEs), which form the backbone of Ghana’s economy, are among the hardest hit by high borrowing costs. Many of these businesses struggle to expand operations, invest in new technologies, and create employment opportunities. “When borrowing costs are lowered, businesses can invest, grow, and employ more people,” he explained, adding that affordable financing is critical for the private sector to drive productivity and contribute to national economic growth.
Dr. Asiama assured that while the central bank pursues lower interest rates, macroeconomic stability remains a priority. “Our focus is to promote stability while ensuring that businesses have access to affordable credit to drive productivity, job creation, and innovation,” he said, emphasizing the importance of balancing accommodative monetary policy with the need to maintain overall economic health.
The Governor expressed confidence that ongoing policy measures and improving economic conditions will make achieving single-digit interest rates possible, which he said would strengthen investor confidence, attract domestic and foreign investment, and support sustainable economic growth.
He also urged banks and financial institutions to align their lending strategies with national development goals, particularly by extending credit to productive sectors and SMEs. Dr. Asiama emphasized that reducing borrowing costs must translate into tangible benefits for businesses and households, ensuring that the policy change has a real impact on economic activity.
Dr. Asiama’s remarks underscore the central bank’s commitment to making credit more accessible, boosting private sector activity, and enhancing Ghana’s overall economic resilience. With single-digit interest rates on the horizon, businesses and investors are expected to benefit from more affordable financing, creating opportunities for expansion, higher employment, and stronger economic recovery in 2026.
