Bring down ‘suffocating’ interest rate in Ghana – John Kwakye tells BoG

Ahead of the 120th Monetary Policy Committee (MPC) press conference on September 27, economist Dr. John Kwakye urged the Bank of Ghana to significantly reduce the current policy rate of 29%, citing a substantial drop in the inflation rate to 20.4% in August.

He noted that many central banks are lowering interest rates in response to declining inflation, arguing that the MPC's previous decision to maintain the rate was insufficient given the sharp inflation decrease.

Kwakye emphasized the need for the BoG to alleviate high interest rates to support economic growth in Ghana.

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