The Asantehene, Otumfuo Osei Tutu II, has called on the Bank of Ghana (BoG) to work towards reducing interest rates in order to stimulate business growth and encourage private-sector investment.
Speaking during his maiden visit to the Bank of Ghana’s new headquarters in Accra on Wednesday, Otumfuo said that while the recent stability of the foreign exchange market was a positive development, the broader economy could not fully rebound if high borrowing costs continued to stifle industry expansion and job creation.
He emphasised that a stable currency, supported by prudent monetary policies and effective interest rate management, is essential for sustainable economic growth. According to him, easing credit conditions would help unlock the productive potential of businesses and drive employment.
The Asantehene also appealed for strong political backing for the Bank of Ghana, stressing the need for the central bank to operate independently and professionally in carrying out its mandate.
Describing the New Bank Square as a symbol of national confidence and institutional renewal, Otumfuo said the facility should inspire greater professionalism, efficiency and commitment among staff of the central bank. He noted that the new headquarters reflects the resilience of the Bank of Ghana and its preparedness to address complex monetary and financial challenges.
“This building is not merely an edifice of concrete and glass; it represents the authority, responsibility and enduring mandate of the Bank of Ghana,” he said.
Otumfuo Osei Tutu II expressed optimism that the modern infrastructure would enhance policy coordination, research and decision-making, ultimately supporting macroeconomic stability and national development.
Credit: Graphic Online
