The Asantehene, Otumfuo Osei Tutu II, has called for a massive push to stimulate domestic private investment as a critical driver of Ghana’s economic growth. Speaking during his maiden visit to the Bank of Ghana (BoG) head office, also known as The Bank Square, the Asantehene emphasized that government investment alone is insufficient to build a robust economy.
“No amount of investment by government on its own can scratch the surface of what we need to give ourselves a sound economy. Nor can we rely on foreign investments of any significance in this era of international discord,” he stated.
The Asantehene urged the BoG to introduce measures that would reduce interest rates, arguing that high rates currently hinder economic production. “Strong economic growth cannot happen with interest at their current cutthroat rate and level. The challenge I leave with your creative brains is to fashion how you move the economy from the crippling high interest regime to the level where it becomes a stimulant for business and wealth creation,” he added.
The visit formed part of his courtesy engagements, including a prior visit to the Inspector General of Police, and included tours of selected offices and facilities at the Bank Square. The Asantehene was warmly welcomed by BoG Governor Dr. Johnson Pandit Asiama, his deputies, management staff, advisors, and board members. Staff members reportedly poured out of their offices and lined windows to catch a glimpse of the Asantehene.
In his address, the Asantehene commended the BoG leadership for their work in stabilizing the economy and urged both the ruling and opposition parties to uphold the bank’s independence. “This is a unique institution with a mandate that affects every citizen of the land. Ideally, this citadel should be a fortress, insulated from the strings and arrows of political warfare,” he stressed.
Governor Dr. Asiama, in response, highlighted that Ghana’s economic indicators have strengthened, noting that inflation currently stands at 5.4 per cent, and gross international reserves have reached over $13.8 billion, covering six months of imports. He described these achievements as historic, attributing them to sustained monetary discipline.
Dr. Asiama assured that the Bank of Ghana remains fully committed to fulfilling its mandate firmly, independently, and professionally, while commending the Asantehene for his continued counsel and lifelong commitment to peace, unity, and national progress.
BY KINGSLEY ASARE
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