The Governor of the Bank of Ghana, Dr Johnson Asiama, says recent monetary policy measures are beginning to ease access to credit for businesses by lowering borrowing costs.

This follows the decision by the Monetary Policy Committee to cut the policy rate by 150 basis points to 14 percent, a move aimed at making financing more affordable for both firms and consumers.

Speaking to journalists, Dr Asiama noted that the adjustment is part of a broader effort by the central bank to stimulate private sector growth. He explained that the reduction in the policy rate is expected to translate into cheaper loans for businesses, encouraging expansion and investment.

According to him, lower lending rates provide businesses with greater certainty in planning and executing investments, which is essential for sustaining economic growth.

Despite the positive outlook, the Governor stressed that the Bank of Ghana remains cautious and will continue to monitor inflation and external economic risks, including fluctuations in global energy prices, to safeguard financial stability.

He reaffirmed the central bank’s commitment to maintaining a balance between supporting business growth and controlling inflation.

The policy rate cut forms part of ongoing efforts by the Bank of Ghana to revive lending activity, which has slowed in recent months, even though the banking sector remains strong and well-capitalised.