The Ghana National Chamber of Commerce and Industry (GNCCI) has welcomed the decision by the Bank of Ghana to further reduce the Monetary Policy rate from 18 per cent to 15.5 per cent.
In a press release issued on 29 January 2026, the Chamber described the move as a timely intervention to support business recovery and strengthen private sector–led growth.
The statement said the sustained reduction in the policy rate reflects improving macroeconomic conditions and a gradual easing of monetary tightness. It noted that, “cumulatively, the MPC rate has declined by 11.5 percentage points between January 2025 and January 2026”.
However, the Chamber expressed concern that commercial bank lending rates remain relatively high, despite the significant cuts in the policy rate.
According to the GNCCI, “non-interest cost components and bank-specific charges including risk premiums, operating costs, profit margins, processing and arrangement fees, and commitment charges continue to add an estimated four to five percentage points above the policy rate, further increasing the cost of credit for businesses”.
The Chamber has therefore called on commercial banks to complement the Bank of Ghana’s actions by reducing non-interest charges. It also encouraged banks to make greater use of risk-sharing mechanisms and credit enhancement frameworks to lower lending risks and borrowing costs.
The GNCCI said a more effective transmission of monetary easing to borrowers would support sustainable credit growth, reduce non-performing loans, boost investment in productive sectors, and reinforce private sector–led economic growth.
