The Asantehene, Otumfuo Osei Tutu II, has urged the leadership of the Bank of Ghana (BoG) to devise innovative strategies to significantly lower interest rates, aiming to boost domestic private investment and foster a self-reliant economy.
The monarch described the prevailing high cost of credit as a major obstacle hindering economic progress.
The call was made during a historic courtesy visit to the Central Bank’s headquarters in Accra on Wednesday, January 7, 2026.
While commending recent advancements in controlling inflation and stabilizing the exchange rate, the Asantehene emphasized that these achievements would be insufficient without a bold adjustment in monetary policy to make loans more accessible for local businesses.
“The challenge I leave with your creative brains,” he addressed Governor Dr. Johnson Asiamah, his deputies, and the Monetary Policy Committee, “is to fashion how you move the economy from the crippling high interest regime to the level where it becomes a stimulant of business and wealth creation.”
His remarks followed the Governor’s earlier caution against viewing recent economic gains as enduring, stressing that long-term currency strength depends on continuous productivity and discipline in the real economy.
The Asantehene presented his appeal as a critical national priority, rejecting the idea that government expenditure or substantial foreign inflows could single-handedly address Ghana’s development challenges amid global uncertainties.
“No amount of investment by government on its own can scratch the surface of what we need,” he stated.
“This moment calls for a massive push to stimulate domestic private investment in industry. That cannot happen with interest at the current level.”
Although acknowledging that interest rates “have begun coming down,” he urged for a quicker reduction, drawing from historical precedents.
In his address, Governor Asiamah reiterated that the cedi’s recent stability should not be seen as permanent, underscoring the importance of sustained economic discipline and competitiveness for lasting stability.