The Ashanti Business Owners Association (ABOA) has commended the Bank of Ghana and the Ghana Association of Banks for reducing the Ghana Reference Rate (GRR) from 14.58 percent to 11.71 percent.
In a statement issued on March 5, 2026, ABOA described the adjustment as a timely and strategic intervention aimed at lowering borrowing costs for businesses and households across the country.
According to the association, the reduction demonstrates a strong commitment by the financial sector to restore credit affordability and stimulate private-sector growth, particularly for small and medium-sized enterprises (SMEs) facing tight liquidity and high financing costs.
ABOA noted that the Ghana Reference Rate, which serves as a key benchmark influencing commercial lending rates, plays a critical role in determining credit pricing within the banking sector.
The association said the downward revision is expected to improve access to credit for businesses, especially those in the manufacturing, trade, and agribusiness sectors. It added that the reduction could also ease debt servicing burdens for existing borrowers, increase working capital for business operations and expansion, and strengthen investor confidence in Ghana’s financial sector reforms.
ABOA, however, urged commercial banks to ensure that the reduction in the Ghana Reference Rate is effectively passed on to final borrowers in a transparent and timely manner so that businesses can fully benefit from the policy measure.
The association further reiterated its commitment to engaging policymakers and stakeholders in the financial sector to advocate reforms that promote competitive financing, enhance productivity, and support inclusive economic growth.
The statement was signed by Charles Kusi Appiah Kubi, Executive Secretary of the Ashanti Business Owners Association.
Source :www.kumasimail.com
