Commercial banks are increasingly reaching out to potential borrowers, a development the Bank of Ghana says reflects improving liquidity conditions and a strengthening banking sector following recent monetary easing.
Governor of the Bank of Ghana, Dr Johnson Asiama, disclosed at the 128th Monetary Policy Committee press briefing in Accra on Wednesday, January 28, that banks have begun directly contacting customers to offer loans at significantly reduced interest rates.
“Banks are beginning to call clients if they need loans,” the Governor said, describing the trend as a clear sign of renewed confidence in the banking system.
According to Dr Asiama, the development points to stronger bank balance sheets, improved liquidity positions and a growing willingness by lenders to extend credit to the private sector. He revealed that some banks are already offering loans at rates as low as 15 per cent.
The remarks followed the Bank of Ghana’s decision to cut the Monetary Policy Rate by 250 basis points from 18 per cent to 15.5 per cent, marking its first policy adjustment for 2026. The decision was announced after the MPC’s 128th meeting at Bank Square.
The latest reduction builds on a more aggressive 350 basis point cut in November 2025, when the policy rate was lowered from 21.5 per cent to 18 per cent, as inflationary pressures eased and macroeconomic conditions improved.
Dr Asiama explained that the Committee’s decision was guided by inflation forecasts and survey based expectations, which indicate that headline inflation is likely to remain within the medium term target, aside from potential risks linked to utility price adjustments and volatility in global commodity markets.
He added that GDP growth is expected to remain strong in 2026, with the output gap narrowing. While this could introduce moderate demand side pressures, overall monetary conditions remain tight relative to inflation trends.
The Governor said the rate cut underscores the central bank’s intention to support economic growth and credit expansion without compromising price stability. He noted that sustaining Ghana’s macroeconomic gains will depend on fiscal discipline, strong policy coordination and targeted agricultural interventions to contain food inflation, while remaining alert to heightened geopolitical risks.
With lending rates easing and banks becoming more willing to extend credit, analysts expect private sector activity to gather pace in the coming months, boosting investment, consumption and overall economic growth.
