Finance Minister Dr Cassiel Ato Forson says the government’s deliberate efforts to reduce the cost of capital are beginning to ease financing conditions for Ghanaian businesses.

Speaking during a meeting with International Finance Corporation (IFC) Managing Director Makhtar Diop, Dr Ato Forson cited the decline in Treasury bill rates as evidence of the progress being made.

“We have worked to reduce the cost of capital for Ghanaian businesses, and the cost of capital is coming down. A typical example is Treasury bill rates, which we have purposefully driven down,” he said.

The Finance Minister said the government intends to build on the return of economic stability and Ghana’s improving credit rating to transform the economy and accelerate private-sector growth.

“We have seen economic stability return, and we have also seen our credit rating improve from a very difficult past. Going forward, we want to use this stability to transform the economy,” he said.

Dr Ato Forson said Ghana was working towards attaining an investment-grade credit rating by 2030 to access financing at lower interest rates and reduce the country’s debt-servicing burden.

“If we have the opportunity to raise US$1 billion at 10 per cent or US$2 billion at 5 per cent, I would prefer US$2 billion at 5 per cent. We spend too much servicing our debt,” he explained.

He called on the IFC to deepen its support for Ghanaian businesses in areas that could drive economic transformation and create jobs.

Diop congratulated the Finance Minister on Ghana’s recent economic progress, particularly the reduction in inflation, noting that the gains had not been easy to achieve.

He added that the IFC would support the growth of Ghana’s middle class and local investors and encouraged the government to expand private-sector participation in infrastructure financing.

Ato Forson Reveals Cost of Borrowing Is Falling for Ghanaian Businesses