Governor of the Bank of Ghana, Dr. Johnson Asiama, has assured the business community that lending rates will be significantly reduced to below 10% by the end of his four-year term in office.

Speaking at a corporate forum organized by the Association of Ghana Industries (AGI) in Accra, Dr. Asiama emphasized the critical role of the manufacturing sector in driving economic growth. He acknowledged that high lending rates continue to stifle the growth and expansion of businesses, particularly within the industrial sector.

Expressing concern over the current cost of borrowing, the Governor noted that the Bank’s Monetary Policy Committee (MPC) recently maintained the policy rate at 28%, despite positive economic indicators, including steady disinflation and a relatively stable Ghanaian cedi.

Inflation has declined consistently over the past four months—from 23.8% in December 2024 to 21.2% in April 2025, and further down to 18.4% in May 2025.

Defending the central bank’s cautious approach, Dr. Asiama explained: “We are choosing this discipline today so industry can thrive tomorrow in a low-inflation, low interest rate environment that rewards productivity.”

He reiterated that the Bank of Ghana’s core focus is to restore macroeconomic stability, rebuild investor and market confidence, and establish a solid foundation for sustainable and inclusive growth.

Addressing concerns about the durability of recent economic stability—much of which stems from debt relief secured under Ghana’s external debt restructuring with the Official Creditors Committee co-chaired by France and China—Dr. Asiama reassured stakeholders that measures are in place to ensure future debt servicing obligations are met.

To support the cedi and ensure lasting currency stability, the Governor highlighted two key strategies: plugging foreign exchange reserve leakages through the Gold Board (Goldbod) and improving the tracking of remittance inflows.

“With the Gold Board, we expect a significant reduction in smuggling and other forms of leakage. The next step is to enhance monitoring of remittance flows,” he stated.

Dr. Asiama concluded by affirming that the recent gains of the cedi are not coincidental but the result of deliberate, coordinated, and credible policy actions being implemented across the financial and economic landscape.