Bank of Ghana Governor, Dr Johnson Asiama
Bank of Ghana Governor, Dr Johnson Asiama, has assured the business community of a drastic reduction in lending rates to less than 10 percent before the end of his four-year tenure.
Speaking at a corporate forum organised by the Association of Ghana Industries (AGI) in Accra, Governor Asiama acknowledged the manufacturing sector contributions’ importance to economic development – which is somewhat being stifled by high lending rates that impede their growth and expansion.
Indeed, the Governor expressed concern over prevailing high interest rates which impact business growth. At its recent Monetary Policy Committee meeting, the central bank unanimously maintained monetary policy at 28 percent – despite the fact that disinflation is on track and the cedi is relatively stable.
Inflation has been declining steadily for four consecutive months, from the 23.8 percent recorded in December 2024 to 21.2 percent in April 2025 and lately to 18.4 percent in May 2025.
Defending the central bank’s conservative monetary policy stance, Dr Asiama maintained: “We are choosing this discipline today so industry can thrive tomorrow in a low-inflation, low interest rate environment that rewards productivity”.
The central bank’s aim is to restore macroeconomic stability, rebuild investor and market confidence and lay a credible foundation for sustainable and inclusive growth, he said.
Amid concerns that the relative economic stability may be temporary due to debt relief secured by government during the external debt restructuring programme with Ghana’s Official Creditors Committee co-chaired by France and China, the central bank Governor assured the business community that plans are far advanced to cater for our debt servicing.
The Governor also outlined two things that will bring permanence to stability of the country’s legal tender. These are blocking foreign exchange reserve leakages by Goldbod and tracking remittances.
“With the Gold Board, we believe that smuggling and other leakages will reduce and the next plan is to also tackle remittance inflows,” he added.
He also indicated that the cedi gains are not accidental but the result of deliberate, coordinated and credible policy action that is being implemented.