Princess Avenyoh
The Ghana National Chamber of Commerce and Industry (GNCCI) is calling on the Bank of Ghana (BoG) to reduce the Monetary Policy Rate by 3%.
In a statement released on Monday, July 28, 2025, the Chamber said this move is needed to ease tight monetary conditions and support business recovery.
The current policy rate of 28%, unchanged since March 2025 has made credit expensive and limited business expansion, GNCCI noted.
“Domestic firms have faced lending rates above 25% since September 2022,” it said. “This has weakened productivity and investment.”
The Chamber cited several improvements in the economy to support its request for a 300 basis points rate cut.
Key among them are:
• Headline inflation dropping from 23.8% in Dec. 2024 to 13.7% in June 2025.
• The cedi gaining 42% in the first half of 2025.
• Better current account balances and stronger foreign reserves.
• Fiscal consolidation reducing government overspending.
GNCCI also pointed to positive global indicators, including an IMF projection of 3.3% global growth and lower expected global inflation.
It said easing international financial pressures offer Ghana a good window to make credit more affordable for businesses.
While it acknowledged risks like post-election fiscal pressures, the Chamber believes a rate cut will boost real-sector production.
It added that the BoG must also consider the time lag of monetary policy effects and take proactive measures to support growth.
GNCCI pledged to keep working with the public and private sectors to build a strong, resilient business environment.