Asantehene Otumfuo Osei Tutu II has called on the Bank of Ghana to accelerate efforts to reduce interest rates, emphasizing that Ghana’s economic recovery cannot be sustained without affordable credit to drive domestic private investment.
Speaking during a visit to the Bank of Ghana headquarters in Accra, the Asantehene described the central bank as an institution whose decisions directly impact “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,” he said, noting that the work of the Bank of Ghana affects every Ghanaian, from households to businesses.
While acknowledging improvements in macroeconomic stability, including signs of currency stabilization, Otumfuo warned against complacency and urged policymakers to pay greater attention to lowering 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 started to decline, the Asantehene emphasized that the pace of reduction must be faster if businesses are to thrive.
“Domestic private investment cannot happen under the current high-interest regime,” he said, challenging the Bank’s leadership to find innovative ways to move the economy toward rates that stimulate business growth and wealth creation.
Domestic Investment Key Amid Global Uncertainty
Otumfuo stressed that Ghana cannot rely solely on foreign investment for growth, especially amid global uncertainty and geopolitical tensions.
“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.”
He added that affordable credit remains the most crucial factor in 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 cautioned against premature celebration.
“These are only the earliest tools of progress,” he said, echoing earlier warnings 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.”
