Commercial banks are beginning to actively court borrowers – a development the Bank of Ghana says indicates improving liquidity conditions and a strengthening banking sector following recent monetary easing.

Governor of the Bank of Ghana, Dr. Johnson Asiama, disclosed at the 128th Monetary Policy Committee (MPC) press briefing in Accra on Wednesday, January 28, that banks have started reaching out directly to customers to offer loans at significantly lower rates.

“Banks are beginning to call clients if they need loans,” the Governor said.

Dr. Asiama described the development as a positive signal of renewed confidence within the banking system, indicating improved balance sheets, stronger liquidity positions, and a willingness by lenders to extend credit to the private sector.

“Someone told me this morning that his bank called him to come for a loan at a 15 per cent rate.”

The remarks followed the Bank of Ghana’s decision to cut the Monetary Policy Rate (MPR) by 250 basis points, from 18 per cent to 15.5 per cent, its first policy move for 2026.

The decision was announced after the MPC’s 128th meeting at Bank Square.

The latest cut builds on an earlier and more aggressive 350-basis-point reduction in November 2025, when the policy rate was lowered from 21.5 per cent to 18 per cent, as inflationary pressures eased and macroeconomic conditions improved.

According to the Governor, the Committee’s decision was informed by forecasts and survey-based inflation expectations, which suggest that headline inflation is likely to remain within the medium-term target, barring risks from utility price adjustments and volatility in global commodity markets.

“GDP growth is expected to remain strong in 2026, with the output gap narrowing,” Dr. Asiama noted, adding that while this could introduce moderate demand-side pressures, overall monetary conditions remain tight relative to prevailing inflation dynamics.

The Governor stressed that the rate cut signals the central bank’s intention to support economic growth and credit expansion without undermining price stability.

“Sustaining Ghana’s macroeconomic gains will hinge on disciplined fiscal policy, strong policy coordination, and targeted agricultural interventions to contain food inflation, while remaining vigilant to heightened geopolitical tensions,” he said.

With lending rates easing and banks increasingly willing to extend credit, there are expectations that private sector activity will gain momentum in the coming months, providing a boost to investment, consumption and overall economic growth.