Reduce interest rate further – Kennedy Agyapong to government

Member of Parliament for Assin Central and immediate past Chairman on Local Government Committee in Parliament, Kennedy Ohene Agyapong has urged President Akufo-Addo to reduce banking interest rate in order to enhance Ghanaian businesses.

According to him, even though the current rate is better than during the tenure of ex-President John Dramani Mahama, reducing it further will help traders, especially during this COVID-19 era.

“In 2017, many business people were complaining about high banking interest rate when the prime rate (Bank of Ghana Rate) was twenty-two percent (22%) whilst the commercial rate was thirty-two to thirty-six percent (32%-36%), this was how the then NDC John Dramani Mahama led government left it,” he said.

Mr. Agyapong further explains that “under President Akufo-Addo, between 2018 to today, the prime rate is Fourteen Point Five percent (14.5% at BANK OF GHANA) and the commercial rate is between Twenty-Two and Twenty-Six percent (22% – 26%), which he believes is a dramatic reduction in the banking interest rate”.

He pleaded with President Akufo-Addo and his government to further consider reducing the banking interest rate to allow Ghanaian businesses to grow, more especially in the midst of the COVID-19 pandemic.

The Assin Central MP’s comments came up on Thursday, March 11, 2021, at the plenary of Parliament, when he was contributing to the State of the Nation Address [SONA] delivered by the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo.

Previous articleKyei Mensah-Bonsu presents 2021 budget today
Next articleAlgerian side USM Algers unveil striker Kwame Opoku


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.