Prez Nana worries high interest rates | Economic news

CHAIRPERSON, Nana Addo Dankwa Akufo-Addo, said she was concerned about the high level of interest rates in the country.

The Bank of Ghana (BoG) quotes the current interest rate of the country at 15.2%.

The president believes that this does not only affect business in Ghana, but also the development of the private sector. He therefore wants the International Finance Corporation (IFC), the BoG and the Ministry of Finance to find ways to reduce interest rates, preferably to 8%.

The President expressed concern when IFC Vice President Hans Peter Lanks called him yesterday at the Jubilee House in Accra.

"Interest rates in Ghana are still relatively high; we still have double-digit interest rates, while the Ghanaian private sector needs to focus on a single rate, around 8% at the most, "said President Akufo-Addo.

"I think that with the influence of an organization like yours and experience gained around the world, this should be a major goal of your stay with us." how you, the Ministry of Finance and the Bank of Ghana can unite to solve this problem because, obviously, the capacities and entrepreneurial capabilities of Ghanaian are no longer a problem, they are well established, "he said. -he adds.

The president was convinced that Ghanaian entrepreneurs could do better than what they currently do.

"But where can the entrepreneur rely for $ 200,000 in initial support from the bank?", He rhetorically said, "that they are going to institutions micro-finance interest rates they charge and, therefore, do not represent a serious alternative. "

Peter Lanks, for his part, congratulated President Akufo-Addo and his administration for what he described as "the amazing results achieved by the country in terms of macroeconomic stability, improvements in the economy and the economy". economy and reforms of the banking sector ", Ghana would host the headquarters of the secretariat of the African Continental Free Trade Area (AfCFTA)

For him, all this indicated the level of trust in Ghana and a good basis for the future development of the country.

In the last five years, he said IFC had invested nearly $ 2 billion and raised billions of dollars in the country.

The IFC therefore wants to explore new ways to help the private sector so that Ghana can have more impact without weighing heavily on the state budget.

IFC is currently exploring areas such as agriculture and agri-food, information technology and value chain processes to create more jobs.