The Asantehene, Otumfuo Osei Tutu II, has urged the Bank of Ghana (BoG) to develop a clear strategy for reducing interest rates to bolster business expansion and private sector investment.
According to him, while recent stability in the foreign exchange market is a positive development, the broader economy cannot experience a full recovery if high borrowing costs continue to suppress industrial activity and job creation.
Speaking during a courtesy call to the headquarters of the Bank of Ghana in Accra, on January 7, 2025, the Asantehene emphasised that currency stability and sound monetary policies, particularly effective interest rate management are essential to achieving sustainable economic growth.
“At this moment, I call for a massive push to stimulate domestic and private investment for industries. The time has come for us to do business, and not just talk,” he said.
He challenged the Bank of Ghana to apply its expertise to transition the economy from what he described as a “crippling high-interest environment” to one that actively supports business growth and wealth creation.
A durbar was organised to welcome the Asantehene on his maiden visit to the head office of the BoG during which Otumfuo Osei Tutu II and his delegation of chiefs were received by the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama.
Also present to welcome the team from Manhyia was the First Deputy Governor, Dr Zakari Mumuni; the Second Deputy Governor, Matilda Asante-Asiedu; as well as members of the board, management, and heads of departments.
During the visit, the Asantehene toured various offices and facilities at the Bank Square.
Otumfuo Osei Tutu II described the new Bank Square complex as a symbol of national confidence and institutional renewal, noting that it should inspire greater professionalism and efficiency among staff of the central bank.
He said the headquarters represented the resilience of the Bank of Ghana and its preparedness to address increasingly 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 stated.
He expressed confidence that the modern infrastructure would enhance policy coordination, research, and decision-making in support of macroeconomic stability, while calling for sustained political backing to ensure the Bank’s independence.
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