Asantehene, Otumfuo Osei Tutu II, has called on the Bank of Ghana to accelerate efforts to bring down interest rates, warning that Ghana’s economic recovery cannot be sustained without affordable credit to stimulate domestic private investment.
Speaking during a visit to the Bank of Ghana headquarters in Accra, Otumfuo described the central bank as an institution whose decisions ultimately determine “whether we have shelter over our heads, food on the table, and the ability to educate our children and care for our families.”
“This is no exaggeration,” the Asantehene said, stressing that the work of the Bank of Ghana touches every Ghanaian, from households to businesses.
While acknowledging recent improvements in macroeconomic stability, including signs of currency stabilisation, Otumfuo cautioned against complacency and urged policymakers to focus more deliberately on reducing borrowing costs.
“I hope the unavoidable attention being paid to the cedi does not mean we are relegating the second mandate of the Bank—which has to do with interest rates—to the back burner,” he said.
Although interest rates have begun edging downward, the Asantehene said past experience shows the pace of reduction must be accelerated if businesses are to thrive.
“Domestic private investment cannot happen at the current cutthroat interest rate regime,” he stated, challenging the Bank’s leadership to find creative ways to move the economy from high-interest constraints to a level that stimulates business expansion and wealth creation.
Domestic Investment Key Amid Global Uncertainty
Otumfuo warned that Ghana cannot rely on foreign investment to drive growth in an era of global uncertainty and geopolitical tension.
“No amount of government investment can scratch the surface of what we need to build a sound economy,” he said. “This moment calls for a massive push to stimulate domestic private investment in industry.”
According to him, affordable credit remains the single most important condition for unlocking the productive potential of Ghanaian businesses and entrepreneurs.
The Asantehene also acknowledged that after a difficult period, the country has begun to “breathe easy” as the cedi shows signs of stability on the foreign exchange market.
However, he warned against premature celebration.
“These are only the earliest tools of progress,” he said, echoing earlier caution from the BoG Governor that stability must be sustained before declaring success.
“We must be careful not to start feasting before the true state of the harvest is known.”
