Former Majority Leader, Osei Kyei-Mensah-Bonsu, has called on government and financial regulators to ensure that Ghana’s recent macroeconomic stability translates into real benefits for citizens and businesses, particularly through lower borrowing costs.
Speaking on Channel One TV’s The Point of View with Bernard Avle on Monday, October 6, 2025, the veteran legislator commended the government for achieving what he described as “a stupendous economic turnaround,” citing the strengthening of the Cedi and a drop in inflation to 9.4 percent.
However, Mr. Kyei-Mensah-Bonsu cautioned that macroeconomic progress would have limited impact if high lending rates persist, adding that the disconnect between falling inflation and stubbornly high interest rates must be urgently addressed.
“What should concern us now is the cost of borrowing because it is not reflecting in that. If the interest rate is still hanging up there, it means some of the fundamentals are not talking to each other, and we need to interrogate that,” he noted.
He urged closer coordination between the Bank of Ghana and the Ministry of Finance to ensure that monetary and fiscal policies complement each other to sustain stability and foster inclusive growth.
Mr. Kyei-Mensah-Bonsu also acknowledged that the country’s current stability was partly supported by robust international reserves, noting that more than $9 billion left by the previous administration had helped cushion the economy.
Recent data from the Bank of Ghana shows that the 91-day Treasury bill rate has fallen from 13.4 percent in July to 10.3 percent in August 2025, while average lending rates have eased from 26.6 percent to 24.2 percent.
Despite these improvements, businesses continue to complain about high credit costs and limited access to financing. Mr. Kyei-Mensah-Bonsu emphasised that unless lending rates are reduced further, small and medium-sized enterprises (SMEs) — the backbone of Ghana’s economy — will struggle to thrive.
“The numbers are encouraging, but we must ensure that ordinary people and local businesses actually feel the relief,” he said.
