Borrowing costs cut by more than half since taking office - Finance Minister

Finance Minister Dr Cassiel Ato Forson announced that the government has successfully reduced the cost of borrowing by more than half since President John Dramani Mahama assumed office. Previously, the cost of capital averaged around 30 percent, but it has now dropped to a range of 9 to 13 percent. Dr Forson explained that the government has been proactive in lowering the cost of capital, making it more affordable for businesses to borrow.

His ultimate objective is to bring borrowing costs down to single digits, enabling businesses to access affordable financing, expand, and generate employment opportunities. The Finance Minister also expressed apprehension regarding the limited availability of credit to the private sector, emphasizing that banks should lend more to businesses across the nation.

Dr Forson aims to provide affordable financing to market traders and business owners, which he believes will foster business growth, stimulate economic activity, and create more jobs for the country's youth. He further stated that the government will only borrow when financing is genuinely required, rather than borrowing solely because it is available.