The Bank of Ghana (BoG) has announced plans to overhaul the Ghana Reference Rate as part of a broader strategy to cut lending rates to 10% within the next four years.
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Speaking at the launch of the Ghanaian Banker Magazine and new initiatives by CIB Ghana on Thursday, June 19, Governor Dr. Johnson Pandit Asiama said the reforms are aimed at removing structural inefficiencies in the credit market.
He stressed that the high cost of borrowing continues to stifle private sector growth, and bold policy shifts are necessary to unlock capital for businesses.
“There were skeptics when I declared my vision of bringing lending rates below 10% before the end of my tenure,” Dr. Asiama stated. “I’m happy to confirm that a committee is currently working to reform the Ghana Reference Rate, which will significantly lower the lending benchmark.”
The Governor added that the reforms will be backed by stronger regulatory oversight and improved market discipline to ensure that banks respond by offering more competitive rates.
The BoG sees this as a critical step toward fostering a more inclusive and resilient financial system that empowers Ghanaian businesses and supports long-term economic expansion.
