‘We’re listening’ – BoG assures traders of stability amid high interest rates

The Bank of Ghana (BoG) has reassured the Ghana Union of Traders Association (GUTA) of its commitment to fostering a stable economic environment, despite recent interest rate hikes aimed at curbing inflation.

During a meeting with GUTA on April 4, 2025, BoG officials acknowledged the concerns of traders regarding the impact of higher borrowing costs on their operations and business confidence.

They explained that the rate hikes are essential to controlling inflation and safeguarding the purchasing power of households and businesses.

The Bank also provided transparency by disclosing how each Monetary Policy Committee (MPC) member voted, aligning with global best practices.

BoG officials, including Dr. Philip Abradu-Otoo and Bernard Otabil, participated in the engagement.