- Customers of banks in Ghana have so far enjoyed reliefs on repayment of loans to the tune of GHC1.6 billion
- This was revealed by the president of the Ghana Association of Bankers, Alhassan Andani
- He added that the focus was on clients such as schools, hotels, hospitals and transport providers
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YEN.com.gh has learned that customers of banks in Ghana have enjoyed holidays on repayment of loans to the tune of GHC1.6 billion as of April 25, 2020.
According to the president of the Ghana Association of Bankers (GAB), Alhassan Andani, the rescheduling formed part of relief measures to support businesses and individuals directly affected by COVID-19 pandemic.
Andani explained that businesses in the services sector have benefitted from loan deferments for up to a year.
READ ALSO: Banks reduce rates to protect Ghanaians against COVID-19
This, he said, would help them continue doing business in the wake of the outbreak of the coronavirus.
Per a report by graphic.com.gh, he added that businesses such as hotels, schools, hospitals and transport providers were directly affected by the restrictions of human movement following the record of cases of COVID-19 in Ghana.
He added that banks were also reducing their lending rates to enable businesses to have cheaper sources of funds to enhance their operations.
YEN.com.gh earlier reported that the Bank of Ghana’s Monetary Policy Committee (MPC) has reduced the policy rate to 14.5%.
The reduction is a 150 basis point reduction in the rate, which was initially 16% and remained unchanged for a long time.
The policy rate is the rate at which the Bank of Ghana lends to commercial banks; it also helps to determine the rate customers would pay on loans from banks.
READ ALSO: We have reduced inflation, interest rates and created jobs - Bawumia
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