Ghana’s President wants measures put in place to reduce interest rates

Ghana’s President wants measures put in place to reduce interest rates

[html]The president said even though several changes have been made in strengthening the banking sector, one major problem that still prevails is the high rates at which banks lend.
   
   
   
       
       
           
               
                   

The president said even though several changes have been made in strengthening the banking sector, one major problem that still prevails is the high rates at which banks lend.

               
           
               
                   

However, in the President’s view, those changes have not proven sufficient at the moment “for us to sit back and say that now we have created a situation where the financing sector can be really autonomous and independent."

               
           
               
                   

“There is the need for some involved engagement to find out how this particular hurdle can be overcome because with the changes that have been made…the interest rates in Ghana are still relatively high,” President Akufo-Addo said.

               
           
               
                   

On July 19, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) maintained its key policy rate at a five-year low of 16%. This is the third consecutive hold following January’s unexpected cut.