Accra: The Ghana National Chamber of Commerce and Industry (GNCCI) has lauded the Bank of Ghana (BoG) for its decision to reduce the Monetary Policy Rate (MPR) by 300 basis points, from 28 percent to 25 percent. The Chamber, in a statement signed by President, Mr. Stephane Miezan, said the move would provide appreciable relief to the private sector and stimulate economic growth.
According to Ghana News Agency, the GNCCI also used the opportunity to encourage banks and financial institutions to swiftly adjust their commercial lending rates downward to reflect the new MPR. The reduction in the policy rate aligns with a formal request it submitted to the BoG on July 29, 2025, advocating for a downward revision to support business recovery, improve access to credit, and stimulate private sector growth.
The GNCCI's President, Mr. Stephane Miezan, stated that the Chamber was particularly pleased that the reduction was informed by prevailing macroeconomic stability, including the sustained decline in inflation, appreciation of the Ghana cedi, and signs of global financial easing.
The Chamber said that this policy move would lower lending rates, reduce the cost of doing business, and encourage investment in key sectors such as manufacturing, agribusiness, pharmaceuticals, and other value-adding industries. This, it said, is critical in enhancing Ghana's competitiveness, particularly within the framework of the African Continental Free Trade Area (AfCFTA).
The GNCCI acknowledged the Monetary Policy Committee's commitment to balancing price stability with inclusive and sustainable growth and its readiness to further adjust the rate in response to continuing favourable macroeconomic developments. The Chamber expressed confidence that this reduction, combined with ongoing fiscal consolidation efforts and regulatory reforms, would help restore business confidence and accelerate economic transformation.
The GNCCI urged the government and development partners to complement this policy with targeted support for SMEs and export-driven industries. The Chamber reaffirmed its commitment to working collaboratively with the Bank of Ghana and all relevant stakeholders to create an enabling environment for private sector-led growth and national development.
