Beware of "abnormal" interest rates – GRA pattern

Economic News from Sunday, February 24, 2019

Source: ghananewsagency.org

2019-02-24

The Commissioner General of the Ghana Revenue Authority (GRA) has urged the public to be wary of investment projects, which promise more than three percent monthly returns as they are abnormal.

Emmanuel Kofi Nti said as a former banking examiner and given his experience in the financial sector, no investment could actually offer an investor an interest rate higher than two or three percent per month .

He spoke at the 11th Annual General Meeting of the GRA Credit Cooperative (GRACCU) held in Accra last Friday on the theme: "The credit cooperative and the technological age".

He said the interest rates proposed by banks should guide individual investors on all that is abnormal, pointing out that, although banks have offered loans to people to thrive, they were keen to make a profit. .

Mr. Godwin Aaron Monyo, chairman of the GRACCU board of directors, said the benefits of his guaranteed deposit accounts (GDAs) had been encouraging for members over the past two years.

The High Yield Investment Plan was designed to help members and their immediate families undertake development projects without taking out hard loans elsewhere.

"The product serves as a retirement plan for GRA staff in general and the Comptroller General of Accountants, who are on our list," he said.

He said that he would use technology to improve his services and attract more customers.

Mr. Monyo said that to achieve his goal, the union had signed an agreement with Zenith Bank under Ghana's interbank payment supplement system, allowing it to collect payments on its behalf and manage savings. GDA by direct debit.

Through this arrangement, members can subscribe to their products and make payments directly to the banks without necessarily going through the payroll.

Emmanuel Coffie, deputy director general of the Association of Credit Unions of Ghana (AUC), urged members to cultivate the habit of saving for a better future and solving some of their related problems to poverty.