Professor Cletus Dordonu, an economist, has observed that the current interest rate in the country is very high and not good in the face of the global economic meltdown. He explained that to overcome its negative impact, developed countries were rather reducing interest rates, creating more jobs and empowering the manufacturing sector through soft lending. Prof. Dordonu made this observation during a panel discussion on the global financial crisis on the Current Affairs programme Talking Point on Ghana Television on Sunday. He said whilst the government was taking a second look at threshold of the interest rate, it should also find ways of managing the country’s reserves. Prof. Dordonu suggested that managers of the country's financial sector move away from using interest rates to manage inflation. "We must strengthen our manufacturing industry, we must expand the industrial pace of manufacturing in the country," he said. Meanwhile, the base rates of most banks in the country, with the exception of a few, have not been increased. Source: Ghanaian Times