Finance Minister Cassiel Ato Forson confirmed on the Citi Breakfast Show that Ghana’s borrowing environment is improving, with the Ghana Reference Rate (GRR) falling from over 30 % when the current administration took office to 10.01 % today. He said the policy goal is to move the cost of capital gradually into single‑digit territory, making credit more affordable for businesses.
“Businesses are borrowing between 9 and 10 percent. Some are high, but depending on your credit rating,” Ato Forson explained. “The cost of capital is low and so we are able to conserve some money for other important needs of the state. That gives some breathing room for businesses to grow and expand.”
The minister highlighted that reducing borrowing costs remains a top priority on the government’s economic agenda, as affordable credit is seen as a key driver of private sector development and overall economic growth. He added that the lower GRR reflects significant improvements in the country’s borrowing environment, which should enable firms to access credit at lower interest rates, expand operations, invest in new opportunities and contribute more to the economy.
Moving forward, the Finance Ministry will continue to monitor the GRR and work with financial institutions to ensure the trend toward single‑digit rates continues, signalling a more business‑friendly climate for Ghana’s private sector.
