The Ghana Union of Traders’ Associations (GUTA) has urged the Bank of Ghana to speed up measures that would reduce commercial lending rates to single digits. This call comes in the wake of the central bank’s recent policy rate cut from 18 percent to 15.5 percent.
GUTA President Clement Boateng said the reduction should result in lower borrowing costs for businesses, ease operational expenses, and expand credit access for traders and small- to medium-sized enterprises nationwide.
He added that while the policy rate cut is welcome, the process toward single-digit lending rates should not be delayed until the end of the central bank governor’s tenure.
Boateng emphasized the need for swift action, suggesting that businesses should be able to borrow at single-digit rates within the next year or two to support growth and investment.
Businesses have long struggled with high interest rates and restricted access to credit, which have hindered their ability to expand. Recent improvements in economic indicators, including stabilizing inflation and a more stable currency, are raising hopes that lending rates could decline further, making financing more accessible and affordable in the near future.