The Asantehene, Otumfuo Osei Tutu II, has urged the Bank of Ghana (BoG) to take steps to reduce interest rates and make credit more accessible for businesses, saying high borrowing costs are stifling economic growth.
Speaking after a courtesy visit to the central bank, Otumfuo Osei Tutu II noted that while interest rates have begun to decline, more needs to be done to turn monetary stability into real economic activity.
“I have noticed that interest rates have begun coming down. Let me be as blunt as I can: no amount of investment by government can give us a sound economy. This moment calls for a private push to stimulate domestic industry,”
“Move the economy from the crippling high interest rate regime to a level where it becomes a stimulant of business and job creation”, he said
The Asantehene stressed that lowering borrowing costs is critical for small and medium-sized enterprises, which are key to job creation and industrial growth.
He said the economy must move from a high interest rate regime to one that actively stimulates business and employment.
During the visit, officials of the Bank of Ghana briefed the Asantehene on ongoing efforts to stabilise the financial system and maintain price stability, while emphasizing support for sustainable economic growth.
Otumfuo Osei Tutu II called for closer collaboration between the central bank, government, and private sector to ensure that monetary gains translate into real benefits for businesses and households across the country.
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Source: www.myjoyonline.com