info@businessghana.com
The Asantehene, Otumfuo Osei Tutu II, has challenged the Bank of Ghana (BoG) to chart a path towards lower interest rates to stimulate business growth and private sector investment.
He explained that although recent stability in the foreign exchange market was encouraging, the economy could not fully recover if high borrowing costs continued to constrain industry and job creation.
Addressing a special forum at the Bank Square, the head office of the central bank, in Accra yesterday, the Asantehene stated that a stable currency and prudent monetary policy, including effective interest rate management, were critical to sustainable economic growth.
“At this moment, I call for a massive push to stimulate domestic and private investment for industries.
The time has come for us to do business, and not just talk.
“The challenge I leave with your creative brains is to fashion how you move the economy from the crippling, high-interest community to the level where it becomes a stimulant of business and wealth creation,” he said.
The durbar was organised to welcome the Asantehene on his first visit to the head office of the central bank.
Otumfuo Osei Tutu and his delegation of chiefs were welcomed by the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama; the First Deputy Governor, Dr Zakari Mumuni; the Second Deputy Governor, Matilda Asante-Asiedu, as well as management, members of the board of directors, and heads of departments and offices.
The revered traditional ruler toured the offices and facilities at the Bank Square.
The Asantehene described the new Bank Square as a monument of national confidence and institutional renewal, saying the facility should inspire higher professionalism and efficiency among staff of the central bank.
He explained that the new headquarters symbolised the resilience of the Bank of Ghana and its readiness to confront complex monetary and financial challenges.
“This building is not just an edifice of concrete and glass; it is a symbol of the authority, responsibility and enduring mandate of the Bank of Ghana,” he said.
He expressed confidence that the modern infrastructure would strengthen policy coordination, research and decision-making in support of macroeconomic stability.
He called for political support for the Bank of Ghana to enable it to carry out its mandate independently and professionally.
Otumfuo Osei Tutu commended the Governor, management and staff for their expertise, resilience and commitment to duty despite the pressures that came with managing the economy.
He appealed for broad national support for the Bank of Ghana, stressing that the central bank must be protected from excessive political interference to effectively carry out its mandate.
He added that policymakers must prioritise youth-focused policies that would translate macroeconomic stability into jobs and enterprise opportunities.
For his part, the Governor stated that Ghana’s economic recovery was gradually taking shape but required sustained discipline to endure.
Describing the Asantehene’s visit as timely, he said the country had benefited from Otumfuo Osei Tutu’s steady leadership and moral authority, particularly during moments of national tension, when restraint and balance were needed most.
Dr Asiama recalled a previous engagement at the Manhyia Palace where the Asantehene questioned whether the cedi’s appreciation against the US dollar at the time was sustainable, a concern he said resonated with many Ghanaians.
He said that question went beyond exchange rate movements to the deeper issue of credibility in economic management.
But, he said, today, inflation, which stood at 23.8 per cent in December 2024, had declined significantly to single digits in 2025 due to sustained monetary discipline, improved food supply conditions and closer coordination between the BoG and the Ministry of Finance.
“These outcomes are not accidental; they reflect deliberate policy choices and a firm commitment to stability,” the Governor stated.
Dr Asiama said easing inflationary pressures had allowed the bank to carefully recalibrate its policy stance, reducing the monetary policy rate from 27 per cent to 18 per cent to support credit growth while preserving hard-earned gains.
He expressed optimism that lending rates could decline further over the medium term, adding that his aspiration was to see lending rates fall to about 10 per cent by the end of his tenure.
On the external front, he stated that Ghana’s gross international reserves had risen to about $13.8 billion, covering close to six months of imports, a level he described as historic.
He said the cedi ended the year among Africa’s strongest-performing currencies, supported by stronger reserves, lower inflation and restored policy credibility.
He, however, cautioned against complacency, stressing that exchange rate stability must be earned and maintained through competitiveness in the real economy.
“We see this performance not as a victory lap, but as a responsibility,” Dr Asiama said.
He expressed the commitment of the bank to ensure independence and professionalism, indicating that the ultimate goal was to translate improved statistics into jobs, stronger local industries and better livelihoods for Ghanaians.
