The Managing Director of Stanbic Bank Alhassan Andani has given some strong indications that the workings of the Credit Reference Bureau will lead to reduction in interest rates. Banks in the country often cite the high default rate and a lack of adequate data to measure the credit worthiness of prospective loan seekers as reasons for the high interest rates they charge. However with one credit reference bureau in operation and another soon to be license by the Bank of Ghana interest rates will be whipped down. The Stanbic Bank MD told Joy Business with proper information on prospective loan seekers interest rates would significantly reduce. “If we have credit reference bureaus, who are able to dig deeper and to validate client information and to improve the decision making of the banks and also the quality of loans and advances we make the percentages of those loans and advances that go into non-performing will significantly reduce,” he stressed.