The Asantehene, Otumfuo Osei Tutu II, has urged the Bank of Ghana (BoG) to intensify efforts to bring down interest rates, cautioning that Ghana’s economic recovery will remain fragile without affordable credit to drive domestic private sector investment.
Speaking during a courtesy visit to the Bank of Ghana’s headquarters in Accra, Otumfuo underscored the far-reaching impact of the central bank’s policies on the daily lives of Ghanaians.
He noted that decisions taken by the BoG ultimately influence livelihoods, access to food, housing, education, and healthcare.
Describing the BoG as a pivotal institution in the country’s economic architecture, the Asantehene challenged its leadership to chart a clear path away from what he termed a “crippling high interest rate regime” toward a more supportive environment for business growth and wealth creation.
“The task I leave with your creative minds is how to move the economy from this burden of high interest rates to a level where it becomes a true stimulant for enterprise and prosperity,” he said in remarks addressed to the Governor, Dr. Johnson Asiama, his deputies, and members of the Monetary Policy Committee.
While acknowledging recent gains in macroeconomic stability, including emerging signs of currency stabilisation, Otumfuo Osei Tutu II warned against complacency.
He stressed that sustaining the recovery would require deliberate and consistent policies aimed at lowering the cost of borrowing for businesses and households.
According to him, easing credit conditions is essential to unlocking local investment, expanding productive capacity, and creating jobs, particularly for the youth.
The Asantehene’s comments add to growing calls from business leaders and economic stakeholders for a more accommodative monetary stance as inflation continues to moderate and confidence gradually returns to the economy.
