The Ghana National Chamber of Commerce and Industry (GNCCI) has welcomed the Bank of Ghana’s decision to further reduce the Monetary Policy Committee (MPC) rate from 18 per cent to 15.5 per cent, describing the move as a timely boost to business recovery and private sector–led growth.

According to the Chamber in a statement, the latest adjustment brings the cumulative reduction in the policy rate to 11.5 percentage points between January 2025 and January 2026, reflecting improving macroeconomic conditions and a gradual easing of monetary tightness.

GNCCI attributed the progress to stronger coordination between fiscal and monetary policies and commended the government, the Ministry of Finance, and the central bank for what it described as prudent macroeconomic management.

The Chamber encouraged authorities to sustain the current policy direction, noting that a stable and supportive macroeconomic environment is critical for rebuilding business confidence and accelerating economic growth.

However, GNCCI expressed concern that commercial bank lending rates remain relatively high despite the significant cuts in the policy rate.

It observed that non-interest cost components and bank-specific charges, including risk premiums, operating costs, profit margins, processing and arrangement fees, and commitment charges, continue to add an estimated four to five percentage points to the policy rate.

This, the Chamber warned, is pushing the cost of credit beyond the reach of many businesses, particularly small and medium-sized enterprises, while also affecting large firms seeking affordable financing for expansion.

GNCCI has therefore called on commercial banks to complement the Bank of Ghana’s easing measures by reducing non-interest charges and improving the transmission of monetary policy to borrowers.

It also urged banks to make greater use of risk-sharing mechanisms and credit enhancement frameworks to lower lending risks and borrowing costs.

The Chamber believes that a more responsive credit environment would support sustainable credit growth, reduce non-performing loans, stimulate investment in productive sectors and reinforce private sector–driven economic expansion.

GNCCI reaffirmed its commitment to continued engagement with monetary authorities, financial institutions and policymakers to help build an enabling business environment that promotes competitiveness, job creation and long-term economic resilience.

Read the full statement below

GNCCI Commends Monetary Policy Rate Reduction, Calls for Lower Commercial Bank Lending Rates

Accra, Ghana: January 29, 2026: The Ghana National Chamber of Commerce and Industry (GNCCI) welcomes the recent decision by the Bank of Ghana (BoG) to further reduce the Monetary Policy Committee Rate (MPC Rate) from 18 percent to 15.5 percent. This sustained reduction in the MPC Rate is a positive and timely policy intervention which will further support business recovery and reinforce private sector–led growth.

Cumulatively, the MPC Rate has declined by 11.5 percent over the period January 2025 to January 2026, reflecting improving macroeconomic conditions and a gradual easing of monetary tightness. This is as a result of improved coordination between monetary and fiscal measures. GNCCI thus, commends the Government of Ghana, the Ministry of Finance, and the Bank of Ghana (BoG) for the prudent macroeconomic management of the economy. We encourage continuation of these efforts.

The Chamber, however, expresses concern on commercial bank lending rates which remain relatively high despite these significant reductions in the policy rate. Non-interest cost components and bank-specific charges including bank-specific risk premiums, operating costs, profit margins, processing and arrangement fees, commitment charges, among others continue to account for an additional margin of roughly 4-5 percent on the policy rate, hiking further the cost of credit for businesses. This level of financing cost is prohibitively high for both Large Businesses and SMEs.

GNCCI therefor,e calls on commercial banks to complement the actions of the BoG by reducing non-interest charges. The Chamber further encourages banks to leverage risk-sharing mechanisms and credit enhancement frameworks to reduce lending risks and lower borrowing costs. We are confident that a more responsive transmission of monetary easing to borrowers will support sustainable credit expansion, reduce non-performing loans, boost investment in productive sectors, and reinforce private sector–led economic growth.

GNCCI remains committed to constructive engagement with monetary authorities, financial institutions, and policymakers to foster an enabling business environment that promotes competitiveness, job creation, and long-term economic resilience.

Signed
Mr. Stephane Miezan
President, Ghana National Chamber of Commerce and Industry