Audio By Carbonatix
The Ministry for Trade and Industry has declared war, not on foreign retailers this time but, on high interest rates in the country.
The sector minister, Ekwow Spio-Garbrah says his outfit has begun discussions with the Central Bank and other stakeholders to help adjust the rates.
He was speaking at a breakfast meeting jointly organized by Graphic Business and Fidelity Bank to discuss how SMEs can contribute to economic development.
Mr. Spio-Garbrah said high interest rates were negatively affecting businesses in the country.
He added that the disparity between savings and lending rates are the reason for high interest rates in the country.
“There are very few countries in the world where the spread between savings rate and lending rate is about 20%. That is where the problem is. That is why we have a very low savings to GDP ratio in Ghana.
“Most people do not save because there is no benefit to savings. About 28 banks and yet, savings rate is below 5%. If you make a mistake and put dollars that you have in the bank, that is zero.”
Latest Stories
-
Two bodies stuck at St. Anne’s mortuary after refrigeration engines break down
21 minutes -
‘We will not let this matter rest’ – Afenyo-Markin after Bagbin rejects narcotics probe
24 minutes -
AFCON 2027Q: Ghana suffer 4-2 defeat to Gambia
28 minutes -
Your strike could disrupt academic calendar – GES urges teachers to return
36 minutes -
Speaker’s ruling has failed integrity test required of Parliament to discharge its duties – Afenyo-Markin
1 hour -
St. John’s Grammar edges Mfantsipim in nail-biting NIQ showdown
1 hour -
Expanding Financial Inclusion: Advans Ghana’s client base more than doubles to 160,000
1 hour -
AFCON 2027Q: Ghana surrender two-goal lead to lose to Gambia
1 hour -
Daily Insight for CEOs: Preparing the organisation for 2027
1 hour -
‘Don’t just sit silent and expect a referral’ – Speaker urges Human Rights Committee to investigate abuses
2 hours -
‘Give caucus leaders adequate time to speak before ruling’ – Afenyo-Markin to Bagbin
2 hours -
Petrosol gives back to society by donating 3,600 books and bags to Sawla DA Primary
2 hours -
Bagbin dismisses Minority motion on narcotics seizures as inadmissible
2 hours -
From Oversight to Impact: Why board committees will make or break Africa’s organisations
2 hours -
‘Strong criticism is legitimate but insult is not argument’ – Speaker urges restraint in public discourse
2 hours