GNCCI President Calls for Improved Access to Credit Despite Declining Interest Rates
President of the Ghana National Chamber of Commerce and Industry (GNCCI), Stephen Miezah, has urged the Bank of Ghana (BoG) to complement ongoing efforts to reduce lending rates with measures that significantly improve access to credit for businesses.
Speaking at a sensitisation programme organised by the Ghana National Chamber of Commerce and Industry (GNCCI) and the Bank of Ghana (BoG), on the Borrowers and Lenders Act and the operations of the Collateral Registry, Mr Miezah maintained that limited access to credit remains one of the most persistent constraints facing the private sector.
“Interest rates are coming down, and we thank the Bank of Ghana for that,” he noted. “But the challenge is not only the cost of credit. It is also about access. If something is cheap but you cannot get it, then it becomes a zero-sum game.”
He emphasised that businesses particularly those in industry, require not just affordable credit, but a clear pathway to secure financing to support operations, expansion, and competitiveness.
Mr Miezah underscored the importance of the sensitisation programme, stating that it provides clarity on the legal foundations governing secured credit transactions, including the rights and responsibilities of borrowers and lenders. According to him, enhanced understanding of these frameworks is critical to fostering responsible borrowing and lending practices.
The GNCCI President commended the central bank for its commitment to promoting financial literacy, transparency, and borrower protection as outlined in Section 76H of Act 1052, adding that the programme demonstrates a shared commitment to strengthening the private sector through education.
He also lauded the practical sessions on the collateral registration system covering registration, searches, realisation, amendments and discharges, noting that these procedures are essential tools for mitigating risk and preventing disputes between businesses and financial institutions.
“As our economy continues its recovery, the private sector must be equipped with the knowledge and confidence to access credit responsibly,” he stressed. “A well-informed business community is essential for reducing loan defaults, enhancing lender confidence and stimulating investments.”
Mr Miezah encouraged participants to seek clarity on credit procedures and legal obligations, and reiterated GNCCI’s ongoing advocacy for policies and reforms that create an enabling environment for business growth.
He concluded by expressing appreciation to the Bank of Ghana, the Collateral Registry Department and all facilitators of the programme for their commitment to building a resilient and transparent credit ecosystem.
