The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has urged commercial banks to further reduce their lending rates to support businesses and stimulate economic growth.

Speaking at a meeting with Chief Executives of commercial banks in Accra, Dr. Asiama said the recent cuts in the policy rate should reflect in the cost of borrowing for businesses and households.

According to him, while the central bank has reduced its policy rate by over six percentage points in recent months, lending rates in the banking sector have remained relatively high.

"The MPC voted to cut the policy rate by 350 basis points and this is to support the disinflation process. This is the third rate cut in 2025 and this reflect confidence that inflation remain within the medium term”

"We are mindful of potential risks such as possible tariff adjustment but we stand ready to act decisively so we expect further improvement as banks realign their pricing models," he said.

He noted that lowering lending rates would help improve access to credit, particularly for small and medium-scale enterprises, which are key drivers of job creation and economic activity.

Dr. Asiama assured the banking industry of the Bank of Ghana’s commitment to maintaining a stable macroeconomic environment and working closely with financial institutions to ensure efficient credit delivery.

He emphasized that a more responsive banking sector would not only enhance private sector confidence but also accelerate the country’s post-recovery economic momentum.