Chart a path towards lower interest rates to stimulate business growth - Otumfuo to BoG
The Asantehene, Otumfuo Osei Tutu II urged the Bank of Ghana to chart a path towards lower interest rates to stimulate business growth and private-sector investment.
Speakkng during his first visit to the Bank of Ghana new office in Accra on Wednesday, Otumfuo explained that although recent stability in the foreign exchange market was encouraging, the economy could not fully recover if high borrowing costs continued to constrain industry and job creation.
The Asantehene stressed that a stable currency and prudent monetary policy, including effective interest rate management, were critical to sustainable economic growth.
He called for political support for the Bank of Ghana to enable it to carry out its mandate independently and professionally.
He described the New Bank Square as a monument to national confidence and institutional renewal, saying the facility should inspire higher professionalism and efficiency among staff of the central bank. Otumfuo Osei Tutu II explained that the new headquarters symbolised the resilience of the Bank of Ghana and its readiness to confront complex monetary and financial challenges.
“This building is not just an edifice of concrete and glass; it is a symbol of the authority, responsibility and enduring mandate of the Bank of Ghana,” he said.
He expressed confidence that the modern infrastructure would strengthen policy coordination, research, and decision-making in support of macroeconomic stability.
