Governor of Bank of Ghana, Dr. Johnson Asiama
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has expressed his determination to see lending rates in Ghana fall to less than 10% within the next four years.
Speaking at the Association of Ghana Industries’ (AGI) Corporate Forum, Dr. Asiama shared his vision for a more favorable business environment, promising to use monetary policy tools to reduce cost of lending.
He pledged to collaborate with financial institutions and the business community to strengthen the macroeconomic climate in the country.
“We will try to do things together. We’ll try to do things differently going forward,” he emphasized, highlighting the importance of collaboration between the Bank of Ghana and industry stakeholders.
Dr. Asiama said the ambition of the central bank is to reduce lending rates and stabilize prices.
“It is doable,” he asserted. “Why do we think it’s not, why do we think the Ghanaian cedi will always be a useless currency, it’s not.”
Dr. Asiama’s comments come after a constructive meeting with CEOs of all banks in Ghana, where they discussed various economic issues and strategies to boost the country’s financial sector.
“My vision is to see lending rates in this country fall to less than 10%. In other words, before the end of my four-year term, I want to see lending rates lower than 10% in this country.”
The Bank of Ghana’s efforts to reduce lending rates and stabilize the economy are expected to have a positive impact on businesses and household consumers.
“We went deeply, deeply into a lot of conversations”, he revealed, describing the meeting with bank CEOs, as fruitful engagement.
With this vision, Dr. Asiama is setting the stage for a more collaborative and innovative approach to economic development in Ghana.
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