Bank of Ghana to use monetary policy to cut lending rates below 10% target - Johnson Asiama

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has shown his commitment to reducing lending rates in Ghana to below 10% within the next four years.

During his address at the Association of Ghana Industries' (AGI) Corporate Forum, Dr. Asiama outlined his goal for a more conducive business environment, vowing to utilize monetary policy tools to lower the cost of borrowing.

He promised to work alongside financial institutions and the business sector to enhance the macroeconomic landscape of the nation.

"We will strive to collaborate. We will approach things differently moving forward," he stressed, underlining the significance of teamwork between the Bank of Ghana and industry players.

Dr. Asiama stated that the central bank's objective is to decrease lending rates and maintain price stability.

"It is achievable," he declared. "Why do we believe it isn't? Why do we assume the Ghanaian cedi will always be a worthless currency? It is not."

His remarks followed a productive meeting with CEOs from all banks in Ghana, where they deliberated on various economic challenges and strategies to enhance the financial sector of the country.

"My vision is to see lending rates in this nation drop to below 10%. In other words, by the end of my four-year term, I aim to have lending rates lower than 10% in this country."

The Bank of Ghana's initiatives to lower lending rates and stabilize the economy are anticipated to positively affect businesses and household consumers.

"We engaged in extensive discussions," he shared, describing the meeting with bank CEOs as a fruitful dialogue. With this vision, Dr. Asiama is paving the way for a more cooperative and innovative approach to economic growth in Ghana.