Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has pledged a sharp reduction in lending rates to below 10% before the end of his four-year term, as part of a broader effort to drive industrial transformation and ease access to finance for businesses in Ghana.
Addressing business leaders at the Association of Ghana Industries (AGI) Corporate Forum in Accra, Dr. Asiama described access to affordable credit as the single most important constraint to industrial growth, despite the sector’s proven contribution to the economy.
He assured the business community of the central bank’s commitment to creating a stable macroeconomic environment that supports long-term private sector-led growth.
H said every factory floor, warehouse or innovation that you push forward brings our macroeconomic story to life, acknowledging the role of the manufacturing sector in Ghana’s economic development.
Despite a consistent drop in inflation from 23.8% in December 2024 to 21.2% in April 2025, Dr. Asiama defended the central bank’s decision to maintain the monetary policy rate at 28%.
He explained that a disciplined approach today would lead to a low-interest, low-inflation economy in the future, one that encourages productivity and long-term investment.
“Our vision is to see lending rates fall to single digits, we are laying the foundations for an economy that is not just recovering, but rising with purpose,” he said.
Dr. Asiama proposed a structured engagement between the Bank of Ghana and AGI, including quarterly forums on industrial credit and FX policy, as well as collaborative research to identify policy bottlenecks.
He stressed the importance of trust in economic policy, saying, “The most valuable currency is not printed on paper, but the trust of people in the economy.”
The Governor highlighted Ghana’s improving macroeconomic indicators, a 5.7% GDP growth in 2024, trade and current account surpluses totalling over US$6 billion in early 2025, and gross international reserves of US$10.7 billion, equivalent to 4.7 months of import cover.
Moreover, the cedi has also appreciated by 24% against the dollar, reversing a sharp depreciation in 2024.
However, he clarified that the central bank is not artificially supporting the cedi. “We are not targeting any specific exchange rate. The appreciation is the result of coordinated, credible policy action not manipulation,” he said.
Dr. Asiama also addressed concerns over the sustainability of Ghana’s recent economic gains, particularly in light of debt relief agreements under the Official Creditors Committee co-chaired by France and China.
He revealed that the BoG has a detailed cash flow plan to manage upcoming debt obligations.
To further secure exchange rate stability, the central bank will target forex reserve leakages and improve tracking of remittance inflows.
“With the Gold Board and new remittance mechanisms, we aim to block the gaps that weaken the currency,” he noted.
He urged businesses to prepare for an era of more affordable credit, promising that the stabilisation Ghana is witnessing, though fragile, is real and must be translated into long-term, inclusive economic growth.
