Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced an ambitious plan to reduce lending rates in Ghana to 10% or lower within the next four years, aiming to boost private sector investment and drive economic growth.

Currently, average lending rates hover around 27.4%, a major barrier to affordable credit, particularly for small and medium-sized enterprises (SMEs). Dr. Asiama outlined his vision while speaking at the AGI Corporate Forum held in Accra, where he emphasized the urgency of structural reforms to transform the credit landscape.

“My vision is to see lending rates in this country fall to less than 10 percent before the end of my four-year term. It is doable; why do we think it is not?” he said.

The Governor revealed that the Central Bank is actively engaging with commercial banks to implement sustainable rate-reduction strategies. He also urged the banking industry to take a more proactive and self-regulatory role in driving reforms.

“I want to see more self-regulation. As heads of banks, you know what’s best for the industry. Why wait for me to come after you? I expect you to collaborate and bring proposals forward. I will simply play the role of referee,” Dr. Asiama noted.

Dr. Asiama highlighted the BoG’s commitment to creating a supportive macroeconomic environment, pointing to declining inflation and a stabilized Ghana Cedi as key foundations for achieving lower interest rates.

“I believe that when businesses succeed, society succeeds. What you provide is more than a public good. In every way we can, we will work together,” he told industry stakeholders.

President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, welcomed the Governor’s pledge but stressed the importance of ensuring that macroeconomic improvements translate into real relief for businesses.

“We are meeting at a time when our economy is showing signs of resilience and recovery. Declining inflation, a stabilized exchange rate, and renewed economic confidence give us cautious optimism. But these gains must be consolidated into tangible benefits for businesses,” Dr. Ayim-Darke said.

If achieved, the Bank of Ghana’s target could significantly transform Ghana’s credit environment—unlocking capital, boosting business competitiveness, and strengthening the nation’s long-term growth prospects.