Private sector benefiting from low lending rates – BoG Governor

Average lending rates in Ghana have declined from 30.25% in December 2024 to 15.7% in September 2026, while private sector credit growth has strengthened to 26.4%, according to the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama.

Speaking at the launch of the Ghana in Numbers 2025 publication in Accra, he said the improvements reflected gains in macroeconomic stability and financing conditions for businesses.

“These gains are also reflected in improved credit conditions,” Dr Asiama said, noting that growth in real private sector credit had risen from less than 1% about two years ago to 26.4% at the end of September 2026.

He said inflation had remained in single digits for 13 consecutive months, while the exchange rate was relatively stable.

“Inflation is low and has been in single digits for 13 consecutive months so far. The exchange rate is relatively stable, notwithstanding the external headwinds that we face. And of course, banking sector resilience has improved significantly over the past two years,” he said.

The decline in lending rates could ease borrowing costs for businesses seeking funds for expansion and investment, although access to affordable credit remains important, particularly for smaller enterprises.

Dr Asiama said the central bank was pursuing initiatives to expand financial inclusion and make formal financial services more accessible to underserved groups.

“These efforts are intended to make formal financial services more accessible, more affordable and convenient, particularly for young people, for women, for the micro, small and medium-sized enterprises and underserved communities,” he said.

He added that Ghana's large youth population presented opportunities for entrepreneurship but required the right support to translate into economic gains.

“Our large youth population presents a significant source of innovation and entrepreneurship. However, realising this demographic potential will depend on our ability to equip them with relevant skills, support enterprise development and create an enabling environment for investment," he said.

The Governor also disclosed that the Bank of Ghana was developing a directive to regulate artificial intelligence in the financial sector.

“We want to promote innovation but at the same time address the emerging risks that can evolve from this,” he said.

Dr Asiama said reliable statistics remained essential for monetary policy, financial regulation and investment decisions, commending the Ghana Statistical Service for bringing key economic and financial indicators together in the Ghana in Numbers 2025 publication.