Accra: The Ghana National Chamber of Commerce and Industry (GNCCI) is urging the Bank of Ghana (BoG) to consider a downward revision of the Monetary Policy Rate in its upcoming 125th Monetary Policy Committee meeting. The recommendation was informed by recent conducive macroeconomic developments that signal easing the tight monetary conditions to support private sector growth.
According to Ghana News Agency, a statement issued in Accra and signed by Mr. Stephane Miezan, President of GNCCI, said the Chamber has taken note of the favorable macroeconomic trajectory. This includes a consistent decline in headline inflation from 23.8 percent in December 2024 to 13.7 percent in June 2025, appreciation of the cedi by about 42 percent in the first half of 2025, growth in international trade and current account surpluses, and improved gross international reserves.
The Chamber has also been following the ongoing fiscal consolidation measures by the government, which have curbed excessive public spending and aided monetary stability. Domestic improvements are complemented by a positive global outlook: the IMF projects global growth to increase to 3.3 percent in 2025, while inflation is expected to decline from 5.8 percent in 2024 to 4.2 percent in 2025. Easing global financial conditions also suggest diminished external inflationary pressures.
The statement noted that although there are perceived risks such as global policy uncertainties and 2024 election-related fiscal slippages, the prevailing Policy Rate of 28 percent, maintained since March 2025, continues to hinder access to affordable credit for businesses. Domestic firms have endured prohibitively high lending rates consistently exceeding 25 percent since September 2022, constraining investment, productivity, and overall business expansion.
In light of these developments, the GNCCI proposed a reduction of the MPC rate by at least 300 basis points (3 percent). This adjustment, in their view, would effectively reduce the cost of domestic commercial capital, stimulate production in the real sector, and reinforce Ghana's export-led growth agenda. The proposed policy stance also accounts for the lag in monetary transmission and aims to shield the economy from residual global policy uncertainty.
The GNCCI reaffirmed its commitment to collaborative engagement with public and private sector stakeholders to foster a resilient and inclusive business environment that accelerates sustainable economic growth across Ghana.
