Private sector benefiting from low lending rates – BoG Governor

The Bank of Ghana's Governor, Dr Johnson Pandit Asiama, revealed that private sector credit growth has accelerated to 26.4% in September 2026, following a significant decline in average lending rates from 30.25% in December 2024 to 15.7% in September 2026. This improvement in lending rates is attributed to enhanced macroeconomic stability and financing conditions for businesses.

Dr Asiama explained that inflation has remained in single digits for 13 consecutive months, while the exchange rate has been relatively stable, despite external challenges. He emphasized that the central bank is actively working on initiatives to promote financial inclusion, ensuring that formal financial services become more accessible, affordable, and convenient for underserved groups, such as young people, women, and micro, small, and medium-sized enterprises.

Dr Asiama highlighted that Ghana's large youth population offers great potential for innovation and entrepreneurship, but realizing this potential depends on providing them with relevant skills, supporting enterprise development, and creating an enabling environment for investment. Furthermore, the Bank of Ghana is currently developing a directive to regulate artificial intelligence in the financial sector, aiming to foster innovation while addressing the emerging risks associated with this technology.

Dr Asiama stressed the importance of relying on reliable statistics for monetary policy, financial regulation, and investment decisions, praising the Ghana Statistical Service for compiling key economic and financial indicators in the Ghana in Numbers 2025 publication.