President Nana Addo Dankwa Akufo-Addo has directed the Governor of the Bank of Ghana (BoG), Dr Ernest Addison to take steps to check the existing high interest rate in the country, ABC NEWS can report.
According to the President, the over 20 per cent interest rate charged by banks is not the best for Ghana’s business atmosphere, hence the need for the Governor to interrogate the issue and find ways of addressing it to ginger competition particularly in the private sector.
Speaking at the maiden edition of the CEOs Executive Forum in Accra Wednesday, President Akufo-Addo said his government is passionate about the economic and financial development of the country and is therefore assiduously working towards to ensure same.
“I have requested the Governor of the Bank of Ghana to interrogate the issue of high interest rates in Ghana and how the problem can be addressed to enhance the competitiveness of the private sector,” the President said.
President Akufo-Addo observed that the banking sector clean up the government embarked on is beginning to yield results, as the Bank of Ghana recorded a profit after tax of GH¢1.67 billion in the second quarter of 2019, representing year-on-year growth of 36.3%, compared to 21.7% in the same period last year.
He further reaffirmed his government’s commitment to ensuring the stability of Ghana’s macro-economy.
“If we are to accomplish our vision of a “Ghana Beyond Aid”, that is a Ghana no longer dependent on the benevolence or charity of foreign taxpayers and donors for the management of her public finances, we must change course, hence the establishment of the Presidential Fiscal Responsibility Advisory Council. Ghana is now the only other country in sub-Saharan Africa to establish a Fiscal Council, after the Republic of Mauritius,” the President said.
President Akufo-Addo further announced other initiatives by the Government including 3-year Business Regulatory Reform Programme and “a comprehensive programme for industrial transformation” based on some 10 pillars.
The pillars, he said, include the One District One Factory Initiative, the Stimulus Package for Distressed Companies, development of a new Strategic Anchor Industries to diversify the economy, the establishment of Industrial Parks and Special Economic Zones and the promotion of the SME Sector.