Borrowing costs cut by more than half – Finance Minister

Finance Minister Dr Cassiel Ato Forson announced that the Ghanaian government has successfully reduced the cost of borrowing by over half since President John Dramani Mahama assumed office. The cost of capital, which once averaged around 30%, has now fallen to a range of 9% to 13%. This significant reduction in borrowing costs was discussed during a meeting with the Food and Beverages Association of Ghana.

Dr. Forson emphasized the government's intention to further lower borrowing costs to single digits, ensuring businesses have affordable financing options to expand and generate employment opportunities. However, he expressed concern over the limited credit availability provided to the private sector by banks. Dr. Forson urged the government to facilitate more accessible and cost-effective credit for market traders and business owners across the country, as affordable financing would boost business growth, stimulate economic activity, and create more jobs for the nation's youth.