The Executive Secretary of the Importers and Exporters Association, Samson Asaki Awingobit, has expressed concern over the high lending rates that businesses continue to face when accessing credit from commercial banks.
According to him, although the country has witnessed a drop in the inflation rate, interest rates charged by banks remain significantly high.
He noted that lending rates are currently pegged at 27 percent, despite inflation falling to 13.7 percent.
Speaking to GhanaWeb Business on July 28, 2025, Awingobit stated that interest rates should reflect the downward trend in inflation.
“If inflation has dropped and fiscal policies are yielding results, then the reduction in inflation from 23.8 percent to 13.7 percent is a positive development. However, we are still facing challenges with high lending rates,” he said.
He added that; “We are not reluctant to acknowledge the government’s efforts, but if inflation has declined to 13.7 percent, why are we still burdened with bank interest rates at 27 percent? Previously, when inflation was at 40 percent, lending rates hovered around 30 percent. Now that inflation has fallen significantly, lending rates should also come down.”
Ghana’s year-on-year inflation rate for June 2025 dropped to 13.7 percent.
This marked the sixth consecutive monthly decline and the lowest level recorded since December 2021.
The latest figures, released by the Ghana Statistical Service (GSS) on July 2, 2025, showed a sharp drop from the 18.4 percent recorded in May.
The decline was largely attributed to easing food prices and a general slowdown in inflation across key consumer categories.
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