Loan seekers would from this month have to be prepared to pay more interest on their loans from banks. Whilst banks like Stanchart and Ecobank have already revised their lending rates upwards, a number of them have also confirmed to JOY BUSINESS plans of following suit. According to the banks, the decision is only in response to market conditions such as rising government Treasury Bill Rates as well as the Bank of Ghana’s Monetary Policy Rate. GCB’s Managing Director, Simon Dornoo has been speaking with JOY BUSINESS. “Treasury Bill Rates are now at 22 percent and so naturally banks would revise their base rates and we are doing same. Its almost imminent that we will adjust our base rates in due course” he noted. Chief Executive of UT Bank, Prince Kofi Amoabeng also added his voice to it. “I can see interest rates going up as people would rather invest in treasury bills because its easier to lend to the government than individuals.Most of the banks would tend to shy away from lending to individuals and therefore would be more difficult to find loans. This would imply our cost of funds would be high.” he added.