Business Groups to Press for Lending Rate Cuts in 2026 Budget Submissions
Ghana’s leading business associations are preparing to submit proposals for the 2026–2029 Budget Statement ahead of an August 29 deadline, with calls for deeper cuts in lending rates and targeted tax reliefs to ease operating costs.
The Ministry of Finance has invited contributions from trade groups, professional bodies, financial institutions and civil society, noting that past submissions have influenced fiscal policy. The budget is scheduled to be presented to Parliament on 15 November.
The Ghana Union of Traders Association (GUTA) will urge regulators to narrow the spread between the Bank of Ghana’s policy rate — now declining alongside inflation — and commercial lending rates, which remain in excess of 30 per cent.
“We’ve seen the policy rate dropping, we’ve seen inflation dropping, but we’re still not seeing this reflected in interest rates,” said Joseph Paddy, GUTA’s public relations officer. He proposed capping the spread at 5–6 percentage points and reviewing port charges to improve tax compliance.
The Association of Ghana Industries (AGI) is also seeking clearly defined incentives under the government’s flagship 24-hour economy initiative, including targeted tax rebates, holidays and access to affordable credit.
“Details on financing and incentives will be key to making the 24-hour economy work,” said Tsonam Akpeloo, the AGI’s Greater Acc
ra chairman.
