The Governor of the Bank of Ghana, Dr Johnson Asiama, has pledged to push interest rates below 10 per cent as part of efforts to support businesses and accelerate economic growth.
Speaking at the Bank of Ghana's Nine Lessons and Carols Service, Dr Asiama said the move was aimed at reducing the cost of borrowing and creating a more enabling environment for the private sector.
"My determination is to see interest rates come down to single digits in the days ahead," he said, stressing that high lending rates continue to constrain business growth.
He noted that small and medium-sized enterprises, which form the backbone of the economy, are among the hardest hit by high interest rates, limiting their ability to expand operations and create jobs.
Related Articles
- Censure motion: Ken Ofori-Atta faces adhoc c'ttee tomorowNovember 17, 2022
- Major Mahama died of 'multiple head injuries' - PathologistNovember 21, 2019
"When borrowing costs are lowered, businesses can invest, grow, and employ more people," Dr Asiama explained.
The Governor assured that while the central bank pursues lower interest rates, it remains committed to safeguarding macroeconomic stability.
"Our focus is to promote stability while ensuring that businesses have access to affordable credit to drive productivity and job creation," he added.
