Businesses and industry have welcomed the cut in the policy rate but wants commercial banks to accordingly reduce their lending rates as quickly as possible.

The Monetary Policy Committee of the Bank of Ghana last Friday cut the by 150 basis points to 13.5 percent.

This is the third cut this year. The President of the Association of Ghana Industries, Nana Owusu Afari tells Joy Business bringing down rates will mean a lot for industry which over the years has been complaining about the cost of credit.

“We are expecting all the banks to respond accordingly. The interest rate of the banks they are offering industry is so high despite numerous complaints.”

“This new trend is very good for industry and we hope that the banks will also bring down their lending rates accordingly.

The President of the National Chamber of Commerce, Wilson Attah-Krofah on the other hand wants the commercial banks to act quickly.

“The interest rate for the banks are too high,” he said adding, “you can’t do business with such rate of interest and also you cannot compete with the imported products.

“I think this is a decision in the right direction and we hope that the commercial banks will follow suit.”

Source: Joy Business/Myjoyonline.com/Ghana

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