The Ghana National Chamber of Commerce and Industry (GNCCI) has raised concerns over persistently high commercial bank lending rates, warning that businesses are yet to feel the full benefits of the Bank of Ghana’s recent monetary policy easing.

In a statement issued on January 29, 2026, the Chamber noted that lending rates remain elevated despite the Bank of Ghana’s decision to reduce the Monetary Policy Rate from 18 percent to 15.5 percent. According to GNCCI, the high cost of borrowing continues to constrain business growth, particularly for small and medium-sized enterprises.

While welcoming the latest rate cut, GNCCI said non-interest cost components and bank-specific charges—including risk premiums, operating costs, profit margins, processing and arrangement fees, and commitment charges—add an estimated 4 to 5 percentage points to the policy rate. The Chamber described the resulting financing costs as prohibitively high for both large businesses and SMEs.

The business advocacy group has therefore called on commercial banks to complement the central bank’s actions by reducing non-interest charges and improving the transmission of monetary policy easing to borrowers. It also urged banks to adopt risk-sharing mechanisms and credit enhancement frameworks to lower lending risks and borrowing costs.

GNCCI acknowledged that the cumulative 11.5 percentage point decline in the MPC rate between January 2025 and January 2026 reflects improving macroeconomic conditions and stronger coordination between fiscal and monetary authorities. It commended the Government of Ghana, the Ministry of Finance, and the Bank of Ghana for what it described as prudent macroeconomic management.

However, the Chamber stressed that without a corresponding reduction in lending rates, the intended impact of the policy rate cuts may not be fully realised. GNCCI argued that a more responsive credit environment would support sustainable loan growth, reduce non-performing loans, boost investment in productive sectors, and strengthen private sector–led economic growth.

GNCCI reaffirmed its commitment to engaging with monetary authorities, financial institutions, and policymakers to help create an enabling business environment that promotes competitiveness, job creation, and long-term economic resilience.