Dr. Johnson Asiama
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has expressed his commitment to ensure that the lending rate is less than 10 percent at the end of his tenure.
Dr. Johnson Asiama who made the call during theAssociation of Ghana Industries (AGI), Forum in Accra said this will help improve private sector investment and accelerate economic growth given the current average lending rate which hovers around 27.4 percent.
“My vision is to see lending rates in this country fall to less than 10 percent before the end of my four-year term. It is doable; why we think it is not?” the Governor asserted.
Dr. Asiama said BoG is engaging directly with commercial banks to align on reform measures that will bring down rates sustainably while calling for more industry-led self-regulation and cooperation to advance these efforts.
“I want to see more self-regulation. As heads of banks, you know what’s best for the industry. Why wait for me to come after you? I expect you to collaborate and bring proposals forward. I will simply play the role of referee,” he said
“I believe that when businesses succeed, society succeeds. What you provide is more than a public good. In every way we can, we will work together,” he said.
President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, asked the Bank of Ghana to ensure industry has a form of tangible benefits following recent macroeconomic gains in recent times.
“We are meeting at a time when our economy is showing signs of resilience and recovery. Declining inflation, a stabilised exchange rate, and renewed economic confidence give us cautious optimism. But these gains must be consolidated into tangible benefits for businesses,” he added.
By Ebenezer K. Amponsah