African News Business and Economy

BoG Urges Banks to Increase Lending After Rate Cut

By Ajuma N / August 7, 2025

The Governor of the Bank of Ghana has asked banks to change how they lend money. Dr. Johnson Asiama says the 300 basis point policy rate cut is a chance to help the private sector grow. He wants banks to lend more to productive areas of the economy. Banks are also being urged to support all groups in society through fair lending.

Dr. Asiama believes this will strengthen Ghana’s financial system and boost development. The CEO of the Chartered Institute of Bankers says banks must be supported to do their part. He stressed that lower interest rates should lead to cheaper loans for businesses and individuals. Experts believe this move could increase investment and help Ghana’s economy grow faster.

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