The Governor of the Bank of Ghana, Dr. Johnson Asiama, has moved to clear the air on public speculation that the central bank is officially targeting a 10% lending rate.
The governor says this dream reflects his personal aspiration and a legacy he wants to leave behind, not a formal policy commitment of the Central Bank.
Speaking at the Monetary Policy Committee press conference, Dr. Asiama explained that his commitment was driven by lived experience since he began working at the mother of all banks. Having worked at the Bank of Ghana since 1995, he said he has witnessed decades of persistently high lending rates that have made borrowing painful for businesses and households alike.
Given the opportunity to lead the Bank of Ghana, he clarified that it has become a personal commitment to leave behind a legacy of lower lending rates, which could drive private sector growth and transform the structure of the economy.
“Let me explain that that is not an official commitment. That’s my own personal wish, my personal aspiration. Why? Because I’ve seen very high lending rates all my life, from when I joined this institution in 1995. Lending rates have always been extremely high. And it is my personal dream to see a reset in terms of lending rates. So it’s just my own personal commitment, not an official one,” he explained.
After setting the records straight, the Governor was quick to add that his vision is on course and it is taking shape. Dr. Asiama pointed to clear signs that lending conditions are already easing.
He revealed an experience where a bank recently called a customer to invite him to apply for a loan at 15 percent. The very amazed governor was quick to add that just a year ago, similar loans were priced at well over 30%.
More importantly, the behaviour of banks is shifting. Instead of customers chasing loans, banks are now reaching out to clients, encouraging them to borrow. This, the Governor suggested, is a strong signal that confidence is returning to the credit market and that interest rates are beginning to reset.
He recounted, “I must say that we are on course so far. Someone this morning was telling us that his bank called him and invited him to apply for a loan at 15%. 15%. A year ago, you were talking about over 30%. And then it is significant to know that banks are now beginning to call clients and ask them if they need any loans that they could come and apply. So there’s a shift going forward.”
For small businesses, traders, and professionals who have long stayed away from bank loans due to crippling costs, this changing environment will feel like a major relief. Lower lending rates mean expansion plans can be reconsidered, equipment can be financed, and jobs can be created.
The clarity from Dr. Asiama is to manage expectations. While he dreams of a future where lending rates fall as low as 10%, he emphasised that such outcomes depend on sustained stability, discipline, and continued progress across the economy.
As indicated, the 10% lending rate is not an official policy direction of the Central Bank, but the commitment of the just the governor to leave a personal legacy. As it stands, lending rates are falling, banks are opening their doors again, and a long-standing culture of expensive credit may finally be starting to change.
