Economist and lecturer at the University of Ghana Business School (UGBS), Professor Agyapomaa Gyeke-Dako, has urged commercial banks to reduce lending rates, saying Ghana's improving macroeconomic conditions should begin to translate into cheaper credit for businesses.

According to her, although the economy recorded slower growth in the second quarter of 2026 compared to the first quarter, the overall outlook remains stable, with inflation gradually easing despite temporary external pressures.

Speaking during the second edition of The Economic Quarterly on Channel One TV on Thursday, July 9, 2026, under the theme, "A Mid-Year Review of the Ghanaian Economy: Measuring Progress, Identifying Risks and Charting the Way Forward," she explained that recent pressure on the cedi should not be interpreted as a sign of economic weakness.

She noted that the pressure was partly driven by seasonal demand for foreign exchange as multinational companies repatriated profits, as well as rising crude oil prices resulting from tensions in the Middle East.

“You also look at what was happening with the conflict in the Middle East. We are a net importer of oil. About 20 percent of global crude passes through the Strait of Hormuz. Once there are disruptions over there, crude oil becomes limited in supply, driving up prices,” she said.

EPA cracks down on Kasoa fuel station over sanitation

Touching on inflation, Professor Gyeke-Dako noted that the 5.3% inflation rate recorded in June was largely influenced by temporary factors, including fuel and transport costs, and should not be a major source of concern.

“We are seeing an inflation rate, I think for June, at about 5.3%. I don't think that there's a need to worry so much about the 5.3%,” she stated.

She added that with inflation continuing to ease, banks should begin lowering their lending rates to support businesses and encourage investment.

“Thankfully, inflation is coming down and, therefore, I think that's why we are all putting pressure on the banks now to be able to reduce their lending rates,” she said.

ANAS/MA

Do your due diligence before investing in real estate – GhanaWeb CEO David Antwi