Prevailing High Interest Rates Are Economically Crippling – Otumfuo

Otumfuo Osei Tutu II, Asantehene, has highlighted the impact of the prevailing interest rates on the economy and businesses.

While falling on past experience, Otumfuo suggested that the Bank of Ghana (BoG) needed to accelerate the pace of interest rates reduction.

The Asantehene posited that no amount of government intervention or international investment guaranteed development like domestic private investment.

As such, His Majesty said the current interest rates are an enemy to this investment.

“The challenge I leave with your creative brains is to fashion how you move the economy from the crippling high-interest regime to a level where it becomes a stimulant of business and wealth creation,” the Asantehene said during a visit to the Bank Square on January 7, 2026.

The King said this while issuing an alert about the seeming neglect of interest rates, with exchange rates unavoidably overshadowing attention.

The policy rate currently stands at 21.5%.

Story by Hajara Fuseini

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