COVID-19: Cost of loans to reduce as Commercial Banks offer 2 percent cut in interest rate

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The Ghana Association of Bankers (GAB), the mouthpiece for all universal banks in the country has announced a 2 percent reduction in the interest rates for all of their existing loans in the wake of the coronavirus pandemic.

In a statement released by the Association, this reprieve for customers also applies to all new loans yet to be sanctioned emphasizing that the offer is applicable to only cedi-denominated loans either existing or yet to be sanctioned.

According to the Association of Bankers, this offer comes in the wake of the COVID-19 pandemic and forms part of their effort to minimize the financial and economic impacts of the pandemic on their clients.

This relief means that customers who either have existing loans or requesting for a new loan will have two percent of the prevailing interest rate of the bank waived.

The Association of Bankers, in the statement on Monday, April 6, 2020, added that the cut in interest rate will go beyond the period of the pandemic in order to give customers enough time to get their businesses back on track after the viral outbreak is contained.

Portions of the statement announced that the Ghana Association of Bankers have agreed “to a general 200 basis points interest rate cut on all existing local currency-denominated loans and for all new loans to be sanctioned by member banks.”

“This rate cut shall cover not only the period of the pandemic but Banks recognise that it will take businesses and individuals sometime after the end of the pandemic to retool and restock to achieve the semblance of normalcy. The rate cut will, therefore, cover the remaining tenor of the facility,” it explained.

On the nationwide front, President Akufo-Addo in his address to the country also announced a number of relief packages to frontline health workers and the general public as part of the government’s effort to minimize the economic and social impact of the pandemic which has threatened the socio-economic well being of the entire world.

 

Source: ABCNewsgh.com

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