Finance Minister Dr Cassiel Ato Forson says the government’s efforts to reduce the cost of capital are beginning to ease financing conditions for Ghanaian businesses, citing falling Treasury bill rates.
Dr Forson made the remarks during a meeting with International Finance Corporation (IFC) Managing Director Makhtar Diop.
“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 what he described as renewed economic stability and an improved credit rating to transform the economy and support 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 Forson said Ghana was working towards an investment-grade credit rating by 2030, which he said could help the country access financing at lower interest rates and reduce its 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, particularly in areas that could drive economic transformation and create jobs.
Mr Diop congratulated the Finance Minister on Ghana’s recent economic progress, especially the reduction in inflation. He acknowledged that achieving those gains had not been easy.
He also said the IFC would support the growth of Ghana’s middle class and local investors, while encouraging the government to expand private-sector participation in infrastructure financing.
Aikines Anyomi
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