The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has highlighted sharp declines in lending rates and improved access to credit as key factors supporting youth entrepreneurship and enterprise development in Ghana, pointing to a significant easing in borrowing costs over the past two years.
Speaking at the launch of the maiden edition of Ghana in Numbers 2025 in Accra on Thursday, Dr. Asiama said a stable macroeconomic environment and a resilient financial sector are critical to unlocking the productive potential of the country’s growing youth population.
Addressing the report’s theme, “Youth and the Demographic Transition,” the Governor noted that Ghana’s young population represents a significant source of innovation and entrepreneurship. However, he stressed that translating that potential into sustainable economic growth would require access to finance, skills development and a supportive business environment.
“Realising this demographic potential will depend on our ability to equip young people with relevant skills, support enterprise development and create an enabling environment for investment,” he said .
Sharply Lower Borrowing Costs
According to the Governor, recent gains in macroeconomic stability have created conditions that are increasingly favourable for businesses, particularly young entrepreneurs and small enterprises seeking access to credit.
Inflation has remained in single digits for 13 consecutive months, while exchange-rate stability and improvements in banking sector resilience have strengthened confidence in the economy, he said. Official data showed Ghana’s inflation rate stood at 5.2 per cent in September 2026, significantly lower than the 9.4 per cent recorded a year earlier .
These developments have contributed to a substantial reduction in borrowing costs. Average lending rates declined from 30.25 per cent in December 2024 to 15.78 per cent in September 2026, providing businesses with more affordable access to finance .
At the same time, credit growth to the private sector has accelerated considerably. Real private-sector credit growth rose from 0.20 per cent in December 2024 to 26.42 per cent in September 2026, reflecting stronger lending activity and improved financing conditions .
Dr. Asiama said the improvements in credit conditions are particularly important for youth-led businesses, many of which face constraints in accessing capital to expand operations, invest in innovation and create jobs.
Financial Inclusion Push
Beyond maintaining macroeconomic stability, the Governor noted that the central bank is implementing initiatives aimed at broadening financial inclusion and increasing access to formal financial services.
These interventions target young people, women, and micro, small and medium-sized enterprises (MSMEs) and underserved communities, with the objective of making financial services more affordable, accessible and convenient.
“We want to promote innovation, but at the same time address the emerging risks that can evolve from this,” Dr. Asiama said in reference to the Bank’s broader technological and regulatory agenda, which includes building capacity for responsible use of artificial intelligence in policy analysis and developing a directive to regulate AI in the financial sector .
Data as a National Resource
The Governor also underscored the importance of data-driven policymaking in addressing youth development challenges, describing Ghana in Numbers 2025 as a valuable resource for understanding demographic and economic trends.
He said the publication would help policymakers identify gaps in opportunity, develop evidence-based interventions and support informed national discussions on employment, entrepreneurship and inclusive growth.
To enhance its usefulness, Dr. Asiama proposed that the underlying data series be made available through a dedicated electronic portal in accessible, machine-readable and readily usable formats, enabling researchers and analysts to apply advanced tools to identify trends not immediately visible in published tables.
He expressed hope that the report would become a trusted national reference that supports transparency, strengthens decision-making and contributes to building a more productive and prosperous economy for future generations.
Background
Ghana’s lending rates have trended downward amid monetary policy easing and improving macroeconomic conditions. The World Bank separately reported that average bank lending rates fell from about 27.0 per cent in June 2025 to 15.6 per cent in June 2026 . The Bank of Ghana’s Monetary Policy Committee has also reduced the policy rate in recent meetings, with the benchmark rate cut to 14.0 per cent in March 2026 .
The launch of Ghana in Numbers 2025 comes as the country seeks to strengthen its statistical infrastructure and promote evidence-based planning. The publication consolidates official statistics on population, social development, the economy, governance, the environment and the Sustainable Development Goals, and is accompanied by a web portal featuring district-level data and interactive maps.
