Majority Leader Mahama Ayariga has said banks are now actively approaching companies to take up loans, following a significant reduction in interest rates compared to levels recorded about two years ago.

He made the remarks while speaking to the media on Tuesday, February 3, noting that improved macroeconomic conditions have eased pressure within the financial sector and created room for banks to lend more competitively to businesses.

“Banks are chasing companies to come for loans at lower interest rates than what we saw two years ago,” Mr Ayariga said.

“This is a clear indication that liquidity conditions have improved and confidence is gradually returning to the financial system.”

According to the Majority Leader, the decline in borrowing costs presents an opportunity for businesses to expand operations, invest in production and create jobs, adding that government policies aimed at stabilising the economy are beginning to yield positive results.

As of January 2026, the Bank of Ghana has set its main policy interest rate at 15.50%. This rate was lowered by 250 basis points from previous levels due to improved inflation control. The Ghana Reference Rate (GRR), which influences commercial loan rates, was recently recorded at 15.68%. 

Meanwhile, the Ghana Reference Rate (GRR) for February 2026 is expected to decline to about 14.58 per cent, from the current rate of 15.68 per cent for January.

This projection is based on JOYBUSINESS’ calculations, which use industry data applied by financial sector players to determine the Ghana Reference Rate.

The expected decline could result in a marginal reduction in interest rates charged by commercial banks from now through early March 2026.