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When inaugurating the new Bank of Ghana Board on August 20, the President expressed
concern about the high lending rates in the country and the negative impact on growth. He called
out the Board to address the problem as a matter of urgency. The Governor pledged the Board’s
commitment to take the necessary steps to address the issue.
We wish to recall that prior to 1983, interest rates — both lending and deposit rates — were
controlled — literally fixed — by the monetary and regulatory authority (MRA). This kept lending
rates contained. In 1983, Ghana adopted wide-ranging liberal economic policies under an
Economic Recovery Programme (ERP). Interest rates were deregulated as part of the new liberal