Top voices in Ghana’s financial and business community are calling for a tighter alignment between monetary and fiscal policy to translate macroeconomic gains into real benefits for businesses and everyday Ghanaians.
At a high-level seminar hosted by the Chartered Institute of Bankers, Ghana (CIB Ghana), stakeholders agreed that while the Bank of Ghana’s recent rate cuts signal improving economic conditions, the full impact will only be felt when monetary easing is supported by complementary fiscal policies aimed at boosting investment, reducing the cost of doing business, and improving livelihoods.
Held on the theme “Monetary Policy in Action: How MPC Decisions Shape Ghana’s Economy and Financial Sector,” the forum brought together central bank officials, commercial banks, industry leaders, and policy experts to dissect the role of interest rate decisions in Ghana’s economic recovery.
In his opening remarks, CIB Ghana President, Mr. Benjamin Amenumey, stressed that the Institute’s role goes beyond professional development. “Fostering open, evidence-based dialogue on national economic policy is a core responsibility of the banking profession,” he noted.
CEO of CIB Ghana, Mr. Robert Dzato, shared findings from a new survey conducted by the Institute. The data revealed that more than 85% of financial executives expected the latest rate cut by the Bank of Ghana’s Monetary Policy Committee (MPC), reflecting improved policy predictability. However, the majority also expressed concern that without stronger synergy between fiscal and monetary actions, the benefits may not reach the broader economy.
“Stakeholders are not just watching interest rates, they are watching how those rates interact with taxes, government spending, and infrastructure development,” Dzato said. “Deeper alignment between monetary and fiscal policy can help unlock credit, reduce risk premiums, and improve the business climate.”
Bank of Ghana Governor, Dr. Johnson Pandit Asiama, confirmed that inflation was on a sustained downward path, from 25.8% in March to 13.7% in June 2025 while the Ghana Reference Rate (GRR) dropped to 27.7% in July. He credited the cedi’s appreciation (over 40% year-to-date) and improved coordination with the Ministry of Finance as major contributors.
Yet, Dr. Asiama warned that rate cuts alone are not enough.
“We are entering a new financial era. Banks must pivot away from passive investment in government bonds and step up credit support to SMEs, green ventures, and agriculture. That is where growth lies,” he said.
He also hinted at upcoming regulatory guidelines on credit risk management, as the central bank prepares banks for a more dynamic lending environment.
The call for policy alignment resonated across sectors. Dr. Humphrey Ayim-Dake, President of the Association of Ghana Industries (AGI), said that manufacturers welcomed the easing rate regime but needed matching fiscal support such as tax reliefs and infrastructure improvements to expand production and hire more workers.
GUTA President Joseph Obeng added that a stable cedi and lower inflation were already reducing import costs, but importers and retailers still face high port charges and inconsistent tax policies. “We need coordinated reforms that make trading easier, not just cheaper,” he said.
From the banking side, Absa’s Ellen Ohene-Afoakwa stressed the importance of business readiness. “Banks are open to lending, but we also need stronger governance and transparency from borrowers. A stable fiscal environment helps reduce risk and builds trust,” she noted.
The seminar concluded with a strong message: while monetary easing is a step in the right direction, its success hinges on effective collaboration with fiscal authorities. This means consistent tax policies, investment in infrastructure, and timely payment of government arrears that can free up liquidity for private sector growth.
For the average Ghanaian, this coordination promises more than economic jargon, it means potentially lower borrowing rates, stable prices, and more job opportunities in a growing private sector.
As Ghana navigates this next phase of recovery, policymakers and financial institutions are being urged to walk together, not in parallel to ensure that economic decisions reflect not just stability on paper, but progress in people’s lives.
