High Interest Rates Are ‘Killing’ Ghanaian Businesses

In spite of the fact that the global health emergency (coronavirus) has debilitated most organizations around the globe, most businesses in Ghana’s issues are intensified with high interest rates. Due to this, it is falling them on a yearly premise.

This is the declaration of one of the lawmakers of the country, Kennedy Ohene Agyapong. According to the noteworthy parliamentarian, the legislature of Ghana should investigate the high interest rates in the country since numerous indigenous organizations are crumbling because of these high rates.

He imagines this is an unmistakable prosecution on the current government which targets creating more jobs in the country. Mr Agyapong who is himself a legislator, is of the view that because of the high loan fees, they can’t set up organizations and grow them to create more jobs.

You only get outsiders (foreigners) who come in with low interest rates, and have total control over every single large organization with exemption of what the government itself is doing.

As indicated by Mr Agyapong, If you need to grow an economy, you should build people first. And people should be able to own businesses with the goal that they can employ others. It’s as simple as that!. He stressed that, the banks have however assumed control over almost majority of Ghanaian businesses and so they can’t expand their business. They are constantly stuck at one spot.

Kennedy Agyapong is appealing to the governor of the Central Bank as well as the ruling government to decrease interest rates which is the 26% for businesses to flourish in Ghana. Upon decrease, this will rapidly build up the country and even invite more investors.