The Ashanti Business Owners Association (ABOA) has applauded the Bank of Ghana (BoG) and the Monetary Policy Committee (MPC) for reducing the Monetary Policy Rate (MPR) by 350 basis points, describing the decision as timely and beneficial for businesses and the wider economy.
In a statement signed by the Executive Secretary, Charles Kusi Appiah-Kubi, the association said the policy rate reduction demonstrates the central bank’s commitment to stimulating business growth, easing credit conditions, and supporting economic recovery efforts.
ABOA noted that the rate cut reflects improving macroeconomic indicators, including declining inflation, better exchange rate performance, and enhanced liquidity across the financial sector.
According to the association, the lowered policy rate is expected to translate into reduced lending rates, making credit more affordable for businesses particularly small and medium-sized enterprises (SMEs), manufacturers, and traders who rely heavily on accessible capital for expansion and competitiveness.
“For many of our members, access to affordable capital is a crucial factor for growth. Any reduction in the policy rate brings significant relief,” the statement said.
ABOA also called on commercial banks to adjust their lending rates downward in line with the new policy direction, arguing that both businesses and households deserve to benefit from the economic advantages associated with the reduced rate.
The association further commended the Governor of the Bank of Ghana and his team for what it described as responsive leadership in fostering a more supportive monetary environment.
ABOA reaffirmed its commitment to using the improved credit conditions to expand production, create jobs, and contribute meaningfully to Ghana’s growth agenda.
Source: www.kumasimail.com
