News:
March 11, 2021
Member of Parliament for Assin Central and immediate past Chairman on Local Government Committee in Parliament, Kennedy Ohene Agyapong has urged President Akufo-Addo to reduce banking interest rates further in order to enhance Ghanaian businesses.
According to him, especially during this COVID-19 era, even though, the current rate is better than that of former President John Dramani Mahama led-administration, there is the need to reduce interest rates further down.
He said, in 2017, many business people were complaining about high banking interest rates when the prime rate (BANK OF GHANA RATE) was Twenty Two percent (22%) whilst the commercial rate was Thirty Two to Thirty Six percent (32%-36%). This was how the then NDC John Dramani Mahama led government left it.
Mr. Agyapong further explained that, under President Akufo-Addo, between 2018 till date, the prime rate is fourteen point five percent (14.5% at BANK OF GHANA) and the commercial rate is between twenty two and twenty six percent (22% – 26%), which he believes is a dramatic reduction in the banking interest rate.
He pleaded with President Akufo-Addo and his government to further consider reducing the banking interest rate to allow Ghanaian businesses to grow, more especially in the midst of the global COVID-19 pandemic.
The Assin Central MP comments came up at the plenary of Parliament, when he was contributing to the Message of the State of the Nation address delivered by the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo last Tuesday March 9, 2021.
Kwaku Sakyi-Danso/Ghanamps.com