Government targets borrowing rates below 10% to boost business growth – Ato Forson

Finance Minister Dr Cassiel Ato Forson has said the government is working to bring borrowing rates below 10% to make loans more affordable for businesses and support economic growth.

He said reducing the cost of borrowing remains a major priority for the government, as businesses need affordable loans to expand their operations, invest, and create jobs.

Speaking on the Citi FM on Friday, November 13, 2026, Ato Forson stated that the government had made significant progress in reducing borrowing costs since assuming office.

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He noted that the Ghana Reference Rate (GRR), which banks use as a benchmark to determine lending rates, had declined from over 30% to 10.01%.

“Our policy is that the cost of capital must move gradually to a single digit and we have been working on that massively. When we took over, the Ghana Reference Rate was over 30 percent but it is 10.01 percent today,” he stated.

The Finance Minister disclosed that some businesses are already accessing loans at interest rates between 9% and 10%, although others continue to pay higher rates depending on their credit ratings.

“Businesses are borrowing between 9 and 10 percent. Some are high, but depending on your credit rating,” he said.

Ato Forson explained that lower borrowing costs would also help the government save money on interest payments, allowing it to spend more on other important national needs.

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He added that affordable credit would give businesses the financial space they need to grow and expand.

DR/MA

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