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Reduce Interest Rates – Kennedy Agyapong Beg Banks

Kennedy Agyapong, the Member of Parliament (MP) for Assin Central, has urged commercial banks to lower interest rates in order to boost economic activity.
He claimed that Ghana’s interest rates are “extremely absurd and make it practically impossible for local enterprises to compete favorably with foreign companies.”

Last Tuesday in Kumasi, Mr. Agyapong made the call while speaking with students from the School of Business at the Kwame Nkrumah University of Science and Technology (KNUST).

Reduce Interest Rates – Kennedy Agyapong Beg Banks

The Kumasi Business Incubator and the School of Business jointly organized the event, which was titled “Practitioners’ engagement on entrepreneurship competencies” and served as a forum for students to learn from business professionals about the traits and abilities required to succeed as entrepreneurs.

The majority of commercial banks, according to Mr. Agyapong, who is also a businessman, added their profit margins to the loans they issued, which led to an increase in interest rates.

The high lending rates, he continued, were the main reason why most Ghanaian enterprises preferred to import finished items rather than produce them locally. “Many businesses have been complaining about this,” he said.

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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