Bank of Ghana targets lower interest rates to boost business growth
Ghana's central bank is focused on cutting interest rates to support businesses and stabilize the exchange rate. The Governor highlighted that past rates over 30% led to high non-performing loans. Recent commercial bank data shows lending rates have dropped from over 22% to about 12%, with the Ghana Reference Rate at 10% in April 2026. The Bank of Ghana aims to strengthen banks to improve credi...
The Bank of Ghana (BoG) is committed to lowering interest rates and keeping the exchange rate stable. This is to help businesses grow in Ghana.
Dr Johnson Pandit Asiama, the BoG Governor, spoke about this. He said high interest rates in the past hurt the economy and private companies. He noted that borrowing rates over 30% were too high. Businesses could not pay back these loans. This also led to many loans not being paid back to banks.
Recent information from commercial banks shows lending rates are going down. Last year, they were over 22%. Now, they are around 12%. The Ghana Reference Rate for April 2026 is 10%. This is lower than 11.7% in March.
The Governor is worried that not enough money is lent to private businesses in Ghana compared to other African countries. He said Ghana is the lowest. He believes making banks stronger will help more money flow to businesses. The BoG wants to see lending rates fall even more, aiming below 10%.
The central bank is now focused on keeping the economy stable. It also wants to make the market and banks healthier.
Source: StatsGH — Ghana's data-driven news platform