Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has highlighted sharp declines in lending rates and improved access to credit as key factors supporting youth entrepreneurship and enterprise development in Ghana.
Speaking at the launch of the maiden edition of Ghana in Numbers 2025 in Accra, the Governor said a stable macroeconomic environment and a resilient financial sector are critical to unlocking the productive potential of the country’s growing youth population.
Addressing the report’s theme, “Youth and the Demographic Transition,” Dr. Asiama noted that Ghana’s young population represents a significant source of innovation and entrepreneurship. However, he stressed that translating that potential into sustainable economic growth would require access to finance, skills development and a supportive business environment.
“Realising this demographic potential will depend on our ability to equip young people with relevant skills, support enterprise development and create an enabling environment for investment,” he said.
The Governor indicated that recent gains in macroeconomic stability have created conditions that are increasingly favourable for businesses, particularly young entrepreneurs and small enterprises seeking access to credit.
According to him, inflation has remained in single digits for 13 consecutive months, while exchange-rate stability and improvements in banking sector resilience have strengthened confidence in the economy.
These developments, he said, have contributed to a significant reduction in borrowing costs. Average lending rates declined from 30.25 percent in December 2024 to 15.78 percent in September 2026, providing businesses with more affordable access to finance.
At the same time, credit growth to the private sector has accelerated considerably. Real private-sector credit growth rose from 0.20 percent in December 2024 to 26.42 percent in September 2026, reflecting stronger lending activity and improved financing conditions.
Dr. Asiama said the improvements in credit conditions are particularly important for youth-led businesses, many of which face constraints in accessing capital to expand operations, invest in innovation and create jobs.
Beyond maintaining macroeconomic stability, he noted that the central bank is implementing initiatives aimed at broadening financial inclusion and increasing access to formal financial services.
These interventions target young people, women, and micro, small and medium-sized enterprises (MSMEs) and underserved communities, with the objective of making financial services more affordable, accessible and convenient.
The Governor also underscored the importance of data-driven policymaking in addressing youth development challenges, describing Ghana in Numbers 2025 as a valuable resource for understanding demographic and economic trends.
He said the publication would help policymakers identify gaps in opportunity, develop evidence-based interventions and support informed national discussions on employment, entrepreneurship and inclusive growth.
Dr. Asiama expressed hope that the report would become a trusted national reference that supports transparency, strengthens decision-making and contributes to building a more productive and prosperous economy for future generations.
Source: businesspostonline
