The Bank of Ghana (BoG) will be engaging in what can be described as a “zero-sum game” if it channels all its efforts to reducing interest rates on loans without corresponding improvement in access to credit. This is the view of the Ghana National Chamber of Commerce and Industry.
The President of GNCCI, Stéphane Miezan, says lowering interest rates means little if businesses still cannot access the credit they need to survive.
Speaking at a workshop on the Borrowers and Lenders Act, the President of GNCCI applauded the Bank of Ghana for its recent efforts to ease the cost of borrowing.
However, he quickly pointed to a deeper problem, one that many entrepreneurs quietly struggle with every day. He explained that despite the excitement around falling interest rates, the real hurdle is the difficulty businesses face when trying to secure a loan in the first place.
According to him, a cheaper credit system is meaningless if funds remain locked behind strict requirements, cumbersome processes, or risk-averse banks.
Stephane Miezan stressed that access to finance continues to be one of the most stubborn barriers confronting businesses, especially small and medium-sized enterprises that form the backbone of Ghana’s economy.
Many of these businesses want to expand, hire more workers, or invest in new technology, but their ambitions stall at the bank’s front door.
“As we are all aware, access to finance or credit remains one of the most persistent challenges confronting businesses today. And let me say, in recent times, I’ve had the opportunity to hear people say, oh Bank of Ghana is doing well, they are bringing the interest rate down. Yeah, that’s true. Thank you to all of you. But you see, the challenge is not the interest rate coming down; it’s also the access to finance,” he emphasized.
He continued, “because if something is cheap and you cannot get it, then really it’s a zero-sum game. And I believe you all agree with me. So in as much as Bank of Ghana is doing so well in putting in every effort to ensure that the cost of credit comes down, please put in every effort to make it accessible to those of us in industry and in business.”
The President of the GNCCI further urged the central bank to pair its interest-rate interventions with deliberate steps that open the credit pipeline more widely, saying it is the only way to ensure that businesses can fully benefit from the improving monetary environment.
This call reflects the sentiments within Ghana’s private sector, where access to finance is a herculean task. Miezan’s campaign is an indication that the economy will not grow on policy signals alone.
What matters is whether real businesses, traders, manufacturers, service providers, and start-ups can tap into affordable financing when they need it.
This is a call for a more balanced financial system, one that combines affordability with accessibility and gives Ghanaian businesses the breathing room they need to thrive.
