The Asantehene Otumfuo Osei Tutu II called on the Bank of Ghana (BoG) and described the current high cost of credit as a barrier to private sector investment and the drive toward a self-sufficient economy.
Otumfuo Osei Tutu acknowledged the slight progress been made in inflation control and exchange rate stability but emphasized that these gains would mean little if borrowing costs remain high and inaccessible for small businesses (SMEs).
According to the monarch, reducing interest rates is critical and central to stimulating domestic investment, business growth, and wealth creation across the country.
High interest rates make loans expensive for small and medium-sized enterprises and investors, constraining expansion, hiring, and capital formation.
A reduction in lending rates can boost private investment, improve business confidence, and accelerate economic activity, contributing to jobs and wealth creation.
The Asantehene framed this not just as financial adjustment but as a strategic economic priority for national development.
The BoG has already been adjusting monetary policy in response to recent economic conditions. For example, the Monetary Policy Committee *cut its policy rate* to make borrowing somewhat cheaper as inflation pressures ease.
The central bank continues to balance inflation control and currency stability with the need to support economic growth — a core challenge in monetary policy.
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