Consumers and businesses may soon see lower interest rates following the Bank of Ghana’s decision to cut its benchmark policy rate to 25% at its most recent Monetary Policy Committee meeting.

Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana and President of the Ghana Association of Banks, says the move is expected to ease interest rates across the banking sector.

He made the comments while speaking to the media at the official opening of Stanbic Bank’s new Labone branch in Accra.

“Inflation has come down. Inflation is now at 13%. You recall a year ago, we were in the 20s…it has come down to 13%. We expect that the policy rate will fall even further. But I think for consumers, what to expect is lower interest rates.

“Lower interest rates are good not only for consumers but for banks alike. The burden on Ghanaian consumers from high interest rates has been severe.

“It has primarily been due to the high inflation rate that we have experienced, and so we are thankful that those inflation rates have come down, and we are seeing interest rates coming down. We can make the point that bank interest rates have even moved down quicker than the policy rate, and consumers should begin to enjoy some relief very soon,” Kwamina Asomaning said.

Meanwhile, Stanbic Bank Ghana’s new branch in Labone is expected to enhance service delivery to clients within the catchment area, particularly individuals and small and medium-sized enterprises (SMEs).

The Chief Executive, Kwamina Asomaning, expressed confidence that the new outlet will deepen client engagement and support the bank’s broader growth agenda.

“There still is a place for physical branches and so we look at the physical and digital as complimenting each other. We don’t expect branches to go out of fashion completely,” he remarked.

As part of its bank strategy, the Head of Affluent Banking at Stanbic Bank Margaret Obimpeh disclosed that the bank will roll out targeted support initiatives for SMEs aimed at attracting and retaining clients in the catchment area.

“Even though we are not the newest bank in this enclave…a lot of our competitors are already there, we have a well-defined strategy to storm the market,” she mentioned.