GNCCI urges banks to reduce lending rates after BoG policy rate cut

The Ghana National Chamber of Commerce and Industry (GNCCI) has welcomed the Bank of Ghana’s decision to reduce the Monetary Policy Rate, lowering it from 18 percent to 15.5 percent.

In a press statement released on January 29, 2026, the Chamber described the move as a timely measure to stimulate business recovery and reinforce private sector-driven growth.

According to the Chamber, the continued reduction in the policy rate signals improving macroeconomic stability and a gradual easing of monetary conditions. It noted that the rate has cumulatively fallen by 11.5 percentage points between January 2025 and January 2026.

BoG lowers policy rate from 18% to 15.5%

Despite this progress, the Chamber expressed concerns that commercial bank lending rates remain stubbornly high.

"Non-interest cost components and bank-specific charges, including risk premiums, operating costs, profit margins, processing and arrangement fees, and commitment charges, continue to add roughly 4-5 percentage points to the policy rate, further increasing the cost of credit for businesses. This level of financing is prohibitively high for both large businesses and SMEs," the statement said.

The Chamber urged commercial banks to align more closely with the central bank’s efforts by reducing non-interest charges. It also encouraged the adoption of risk-sharing mechanisms and credit enhancement frameworks to lower lending risks and ease borrowing costs.

GNCCI emphasised that stronger transmission of monetary easing to borrowers would help expand sustainable credit growth, reduce non-performing loans, spur investment in productive sectors, and ultimately strengthen private sector–led economic growth.

SP/MA

BoG lowers policy rate from 18% to 15.5%

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