The era of high interest rates seem to be reigning supreme as it appears to be having grim effects on various sectors of the Ghanaian economy.
The rates have forced International Finance Corporation (IFC) to withhold plans to issue its 2 billion cedi bond in Ghana. Government also recently postponed the issuance of its seven-year bond over high interest rates.
The IFC is a member of the World Bank Group and the largest global development institution focused on the private sector in developing countries.
Proceeds from the bond auction were expected to be used to support small businesses in the country.
Interest rates on short term notes are currently hovering around 25 percent in the country.
Vice President of IFC , Jindong Hua, said the corporation will however be monitoring the market to see when it would be appropriate to issue the bond.