Bank of Ghana Boss Give Parliament Good New: Interest Rate Down, Loan Easier, and Money in Bank safe

The Governor of the Bank of Ghana, Johnson Pandit Asiama, appeared before the Parliamentary Committee on Economy and Development on Friday, 6 November 2026, to give an update on how the country’s economy is doing in the first half of the year. In simple terms, he told Parliament that things are looking up: the cost of borrowing has come down, prices of goods are not rising too fast, and the country has more money in its savings. He explained that his team has been working hard to keep the economy stable.

One of the biggest pieces of good news for ordinary Ghanaians is that interest rates have dropped. The Governor said the Policy Rate—which is the rate the central bank charges commercial banks—was cut from 18.0 per cent to 14.0 per cent in January and March. Although they held it steady at 14.0 per cent in May, July, and September to keep things stable, the effect has been felt. The average lending rate fell from 27.0 per cent to 15.6 per cent, meaning loans are now cheaper for businesses and individuals. Also, private sector credit grew by 41.2 per cent, meaning more businesses are getting the money they need to grow.

On the economy’s growth and price stability, Dr Asiama reported that the country’s real GDP grew by 6.4 per cent in the first quarter of 2026, showing the economy is expanding. Inflation, which measures how fast prices are rising, fell to 3.2 per cent in March and later rose to 5.3 per cent in June—but it is still below the government’s target band of 6 to 10 per cent. This means prices are relatively stable compared to previous years. On the external front, the Governor said Ghana recorded a trade surplus of US$8.81 billion and a current account surplus of US$5.1 billion, with reserves standing at US$12.94 billion, enough to cover 5 months of imports. This is a sign that the country is earning more from its exports than it is spending on imports.

In the banking sector, the news is also positive. Total assets of banks rose by 30.7 per cent to GH¢502.4 billion, meaning the banking industry is growing stronger. The Capital Adequacy Ratio, which shows how well banks can absorb losses, stood at 20.4 per cent, above the required minimum. More importantly, non-performing loans—loans that people are not paying back—declined from 23.1 per cent to 16.1 per cent. This shows that more borrowers are paying back their loans, which is good for the health of the banking system.

The Governor also outlined key reforms aimed at keeping the economy on track. These include a uniform Cash Reserve Ratio of 20 per cent for banks, a transparent and rules-based foreign exchange intervention framework to manage the cedi, and the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to build up reserves to cover 15 months of imports by 2028. Governor Asiama reaffirmed the Bank’s commitment to price stability, transparency, and accountability to Parliament and the Ghanaian people. In short, the message to the ordinary Ghanaian is that the economy is moving in the right direction, with cheaper loans, stable prices, and a stronger banking sector.

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