The Ghana National Chamber of Commerce and Industry (GNCCI) has applauded the Bank of Ghana’s unprecedented 300-basis-point reduction of the policy rate to 25%, calling the July 30, 2025, decision a “bold and timely” relief for businesses.
This record cut follows the GNCCI’s urgent appeal five days earlier for lower borrowing costs, citing improved inflation and currency stability.
Monetary Policy Committee (MPC) members announced the shift after their 125th meeting, marking the largest single reduction since the rate held at 28% since March 2025. GNCCI had argued that high lending rates exceeding 25% since 2022 stifled business growth, stressing that falling inflation (23.8% in December 2024 to 13.7% in June 2025) and a 42% cedi appreciation justified easing.
GNCCI CEO Mark Badu Aboagye stated the deeper-than-requested cut would “ease pressure on the private sector” by lowering operational costs and spurring investment in manufacturing, agribusiness, and pharmaceuticals. He emphasized that cheaper credit would enhance Ghana’s competitiveness under the African Continental Free Trade Area (AfCFTA), enabling export expansion.
The Chamber urged commercial banks to promptly reflect the policy shift in lending rates, warning that benefits hinge on financial institutions’ compliance. It further called for targeted government and development partner support to small and medium-sized enterprises to amplify the rate cut’s impact.