Interest rates charged by banks in Ghana is said to be high despite various policies by Government and Bank of Ghana to help “drive them down”.
The development has made it difficult for a lot of businesses and individuals to have access to credit in the country and even resulted in some high default rates as well.
But with inflation rate going up, some are worried that Bank of Ghana may be moving soon to cause a hike in its policy rate.
In this regard, the Business Edition of PM Express hosted Chief Executive of Ghana Association of Bankers, John Awuah as he shed more light into the role of banks in the high interest rates.
The discussion also delved into what can be done to reduce the high interest rates.
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