The Bank of Ghana has indicated that it might be compelled to force commercial banks to reduce their expensive charges for services if the banks do not take the steps themselves.
Governor, Dr. Kofi Wampah dropped the hint when he addressed a dinner to mark the 25 year of existence of ECOBANK Ghana.
According to the Bank of Ghana, interest rates is currently at 23.49%.
It has become a source of concern for businesses and government. The Trade Ministry is considering putting together a taskforce to address the high cost of doing business in Ghana.
High interest rates starves businesses of funds to expand.
At a conference organized by the Ministry, renowned economist Kwame Pianim also recalled that when he worked at the Finance Ministry in the ’70s, interest rate was 7% and inflation rate was 3%.
“Is it believable in Ghana now?” he wondered.
According to the governor of the Bank of Ghana, it is unfortunate that despite all attempts to encourage the banks to reduce their cost of services, it is more expensive today to engage commercial banks.
Source: Myjoyonline