The Ghana National Chamber of Commerce and Industry (GNCCI) is urging the Bank of Ghana (BoG) to reduce the Monetary Policy Rate by at least 300 basis points (3%) to boost business activity
The Chamber cites favourable macroeconomic conditions and the need to ease tight monetary policy.
In a statement released Monday, July 28, 2025, the Chamber argued that the prevailing policy rate of 28%, which has remained unchanged since March 2025, continues to restrict access to affordable credit for businesses and stifle private sector growth.
“Domestic firms have endured prohibitively high lending rates consistently exceeding 25 percent since September 2022,” the GNCCI noted. “This has constrained investment, productivity, and overall business expansion.”
The Chamber backed its call with evidence of an improving macroeconomic environment:
• Headline inflation has declined from 23.8% in December 2024 to 13.7% in June 2025.
• The Cedi appreciated by about 42% in the first half of 2025.
• Growth in international trade and current account surpluses.
• Strengthened gross international reserves.
• Ongoing fiscal consolidation, which has helped curb excessive government spending and support monetary stability.
GNCCI also highlighted a more favourable global economic outlook, including an IMF forecast of 3.3% global growth in 2025 and a projected decline in global inflation to 4.2%. Easing global financial conditions, the Chamber noted, point to reduced external inflationary pressures.
While acknowledging risks such as global policy uncertainty and possible fiscal slippages related to the 2024 election cycle, GNCCI believes a policy rate cut would “reduce the cost of domestic commercial capital, stimulate production in the real sector, and reinforce Ghana’s export-led growth agenda.”
The Chamber added that any new monetary policy stance should take into account the time lag in monetary transmission and be proactive in supporting the recovery momentum.
GNCCI reaffirmed its commitment to working with public and private stakeholders to foster a resilient and inclusive business environment that drives sustainable economic growth.
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