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

Must Read

No need to investigate Professor Mills’ death, let him rest in peace – Samuel Atta-Mills

Member of Parliament for Komenda-Edina-Eguafo-Abrem, Samuel Atta Mills has kicked against any form of investigation to unravel and publicise...

Fear grips Kofi Buah over Catherine Afeku’s growing influence in Nzemaland

Two different constituencies with two political heads sharing a common border on Nzema land. That is the story of 'twin'...

Prampram pallbearers featured in Donald Trump’s campaign videos

American President, Donald Trump has used Ghana's dancing pallbearers in his campaign video against rival Joe Biden. The less than...

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.



Submit your stories or articles to or Whatsapp them to +233 553620623

- Advertisement -


Latest News

IPAC meetings not private burials – Asiedu Nketia justifies boycott by the NDC

General Secretary of the National Democratic Congress, (NDC) Johnson Asiedu Nketia has justified the decision by his party to...

I have not tested positive for COVID-19 – Deputy Information Minister

Deputy Information Minister, Nana Ama Dokua Asiamah-Adjei has described as fake news viral information indicating she has tested positive for COVID-19. According to her, though...

Parliament doesn’t know number of COVID-19 MPs – Kate Addo insists

Parliament is insisting that it doesn't know the number of Members of Parliament and its staff who have tested positive for the novel coronavirus...

Kyirabosom goes berserk on radio presenter over ‘failed’ COVID-19 restrictions prophecy

It was 'fireworks' between the Founder and General Overseer of the Life Assembly Worship Centre, Rev. Christian Kwabena Andrews, widely known as Kyiri Abosom,...

Stimulus package for sports sector to be announced soon – Sports Ministry assures

The Ministry of Youth and Sports has dismissed media reports suggesting that it has abandoned the sporting sector to its fate in the wake...

More Articles Like This

%d bloggers like this: