Traders, small businesses and farmers in the Bono East Region have raised concerns over high lending rates and limited access to affordable credit, urging greater attention to financing challenges facing businesses despite easing inflation.
The concerns were raised at a Bank of Ghana (BoG) stakeholder engagement forum in Techiman on Monday, October 12, 2026, where stakeholders also highlighted the activities of unregulated lenders and foreign exchange operators.
The forum, held at the Jemima Grace Hotel, brought together 150 stakeholders, including traders, traditional and religious leaders, representatives of rural and community banks, microfinance institutions, security agencies and the media.
The discussions highlighted the challenges businesses face in accessing affordable financing, alongside concerns about consumer protection and the regulation of financial services.
BoG Makes Case for Public Trust
Director of Communications at the Bank of Ghana, Bernard Otabil, said public understanding and confidence were essential to the effectiveness of central banking, arguing that monetary policy could achieve its intended objectives only when people understood and trusted the institution implementing it.
“The Cedi is not just paper. It is trust. It is a social contract between the Bank of Ghana and every Ghanaian,” he said.
He added: “We can formulate the best monetary policy, but if the trader in the Techiman market, arguably one of the largest open markets in West Africa, does not understand or trust it, we have failed.”
Mr Otabil said the engagement was intended to create space for direct interaction between the central bank and the public, adding that the Bank was there “not to lecture, but to listen, to dialogue, and to partner for financial stability.”
His remarks reflect the importance of public confidence to the central bank’s broader responsibilities. While monetary policy decisions and financial sector regulations are implemented at the institutional level, their effects are felt by households, traders, farmers and businesses whose decisions shape economic activity.
The forum forms part of the Bank’s nationwide outreach programme covering all 16 regions, designed to explain its mandate, improve financial literacy and establish channels through which public concerns can inform its responses.
Unregulated Lenders and Currency Security Under Scrutiny
Participants also raised concerns about unregulated lenders and foreign exchange operators, alongside the need for greater public education on the security features of the Cedi’s new Heritage Series banknotes.
The Bank of Ghana provided guidance on identifying counterfeit notes using the “FEEL, LOOK, TILT” method and cautioned against risky borrowing practices, highlighting consumer rights and the consequences of issuing cheques without sufficient funds.
Stakeholders Seek Lasting Engagement
Bank officials assured participants that their concerns, including access to affordable credit for SMEs and farmers, would be escalated to Management for consideration.
Mr Otabil reiterated the Bank’s commitment to engaging stakeholders across all 16 regions and urged the public to report suspected unlicensed financial institutions, counterfeit currency and financial fraud.
The engagement forms part of the Bank’s efforts to strengthen financial literacy and public confidence, with its impact likely to depend on how effectively stakeholder concerns translate into regulatory and policy responses.
