Importers and exporters are urging Ghana’s Finance Minister Dr. Cassiel Ato Forson and the Bank of Ghana to slash high lending rates, arguing that borrowing costs stifle growth despite inflation falling to 13.7% in June 2025 from 23.8% in December.
Commercial banks currently charge average interest rates of 27%, which businesses claim misaligns with disinflation trends and hampers expansion.
Samson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana, acknowledged fiscal progress but highlighted the disconnect: “When inflation was 40%, lending rates were 30%. Now inflation has significantly fallen, rates should follow.” He called for regulatory intervention to align borrowing costs with macroeconomic improvements, emphasizing the burden on competitiveness and job creation.
The demand coincides with the Bank of Ghana’s 125th Monetary Policy Committee meeting, where rate decisions are under review. Businesses contend that sustained high rates undermine recovery efforts even as inflation expectations stabilize. The outcome could impact credit access for trade-dependent sectors critical to Ghana’s export-led growth strategy.
