The Asantehene, Otumfuo Osei Tutu II, has called on the leadership of the Bank of Ghana (BoG) to take bold and creative steps to significantly reduce interest rates to stimulate business growth and wealth creation.
He said the current cost of credit remains a major obstacle to domestic private investment and the building of a self-sufficient economy.
Otumfuo Osei Tutu II made the call during a historic courtesy visit to the BoG headquarters, where he acknowledged recent improvements in inflation and exchange rate stability.
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However, he stressed that these gains would not translate into real economic transformation unless borrowing costs are lowered to support Ghanaian businesses.
He challenged the Governor, Dr Johnson Asiamah, his deputies, and the Monetary Policy Committee to move the economy away from what he described as a “crippling high interest regime”.
The Asantehene argued that government spending alone, or reliance on foreign investment, cannot meet Ghana‘s development needs, especially amid global economic uncertainty.
He emphasised that a strong push to stimulate domestic private investment in industry is essential and cannot be achieved at current interest rate levels.
While noting that interest rates have started declining, he said the pace must be faster based on past experience.
Earlier, the BoG Governor cautioned that recent economic stability should not be mistaken for permanence, stressing that sustained productivity and discipline are key to long-term currency strength.
