The Bank of Ghana (BoG) has asked commercial banks operating in the country to lower their lending rates while the country’s inflation figures are showing a decline.
Elsie Addo Awadzi, the Central Bank’s Second Deputy Governor, made the announcement.
She was speaking at an event organised by Absa Bank in collaboration with the Mastercard Foundation to launch a loan scheme for small businesses at a 10% interest rate.
According to her, the decline in national inflation reflects a positive trend in the domestic economy, with further growth anticipated.
“As the economy picks up and there is a signal of improvement in the macroeconomy, we expect things to get better. Moments ago, before I got here, inflation had dropped to 41.2% for April [2023] from the about 50% some months ago.”
“We as a regulator and at the Monetary Policy Committee project that things will improve. The inflation rate will drop further and lending rates will come down. I, therefore, encourage you all as banks to emulate Absa Bank and bring the lending rates further down,” she added.
By: Rainbowradioonline.com/Ghana