Finance Minister Dr Cassiel Ato Forson has described the Bank of Ghana (BoG)'s latest monetary policy decision as a major milestone in Ghana’s economic recovery.

This follows the reduction of the policy rate to 18%, the lowest since March 2022.

Announcing the development, the minister said the decision reflects the growing stability in the economy and declining inflation levels.

He noted that “the Bank of Ghana’s monetary policy easing continues,” referencing the sustained drop in inflation, which now stands at 8 per cent as of October, down sharply from 27 per cent in November 2024.

Dr Forson explained that the new rate represents a deep 350 basis point cut — a move he believes will boost lending and ease credit pressures on businesses and households.

He added: “This marks a drastic fall from the 27 per cent recorded in November 2024. The move reflects renewed economic confidence, and it means lower borrowing costs, improved access to credit, and greater room for businesses and individuals to grow, invest, and create jobs.”

The finance minister asserted that the policy shift signals stronger recovery momentum and a more enabling financial environment for growth, investment, and job creation.

Concluding on a positive note, he remarked: “The recovery is clearly strengthening, and it can only get better!”

Economists expect the move to stimulate private-sector expansion, support production, and deepen economic activity as credit becomes more affordable across sectors.

With inflation now within single digits and borrowing costs easing, many believe Ghana is entering a new phase of economic acceleration.