Ghana bankers are positive on stability as lending rates drop

Ghanaian bankers are confident about the country's economy. A survey by the Chartered Institute of Bankers (CIB Ghana) found 72% of bankers believe in stable economic conditions. Also, 89% expect lending to increase soon.

This news comes as the Bank of Ghana (BoG) has lowered its main interest rate. The rate is now 14%, down from 15.5%. The BoG says this cut will make borrowing cheaper. It should also help more small and medium-sized businesses get loans.

The BoG also noted Ghana's improved economy. Inflation was 3.3% in February. The local currency, the cedi, is also more stable. These gains create a good base for growth.

Despite the good news, experts at a seminar said stability is not enough. They want this stability to lead to new jobs and stronger economic growth. Dr. Philip Abradu-Otoo from the Bank of Ghana said the focus is now on lasting growth for everyone.

The Association of Ghana Industries (AGI) asked for a special fund for industries. They said banks alone cannot provide the long-term money needed for manufacturing. They want policies that help production and exports.

The Ghana Union of Traders’ Associations (GUTA) noted that lower inflation does not mean prices fall. It only means prices rise slower. They also raised concerns about a new AI system for customs duties at ports.

The seminar concluded that stable economic conditions are just a start. Ghana needs aligned government money policies and central bank actions. It also needs structural changes and private sector job creation. These steps are needed to change stability into sustained growth and development for all.