The Asantehene, Otumfuo Osei Tutu II, has urged the leadership of the Bank of Ghana (BoG) to adopt innovative strategies to significantly reduce interest rates in order to stimulate domestic private investment.
According to the monarch, the high cost of credit continues to be a major obstacle to building a self-reliant and sustainable economy. He made the call during a historic courtesy visit to the central bank’s headquarters on Wednesday, where he acknowledged recent improvements in inflation and exchange rate stability.
However, Otumfuo Osei Tutu II stressed that these gains would be incomplete without a bold shift in monetary policy to make borrowing more affordable for Ghanaian businesses. Addressing the Governor, Dr Johnson Asiamah, his deputies, and members of the Monetary Policy Committee, he said, “The challenge I leave with your creative brains is how to move the economy from a crippling high-interest regime to a level where it becomes a stimulant for business growth and wealth creation.”
His remarks followed comments by the Governor, who cautioned against viewing recent economic improvements as permanent. Dr Asiamah emphasised that a strong and stable currency must be sustained through continuous productivity within the real economy.
Framing his appeal as a national economic necessity, the Asantehene dismissed the idea that government spending or foreign investment alone could address Ghana’s development challenges, especially amid global economic uncertainty.
“No amount of government investment on its own can meet our needs,” he said, adding that the country requires a strong push to stimulate domestic private industrial investment something he argued cannot be achieved under the current interest rate regime.
While acknowledging that interest rates have begun to decline, the traditional ruler insisted that the pace of reduction must be faster, based on lessons from past experience.
In his earlier address, the Governor reiterated that the recent stability of the Ghanaian cedi, though encouraging, should not be seen as guaranteed. He noted that sustained fiscal discipline and improved productivity remain the only reliable foundations for long-term economic stability.
