Okyenhene Condemns High Interest Rates In Ghana

Okyenhene Condemns High Interest Rates In Ghana

The Okyenhene, Osagyefuo Amoatia Ofori Panin II, has condemned the high interest rates issued out by various banks in Ghana describing the development as genocidal and criminal. 

Addressing the effects high interest rates had on the average Ghanaian, the Okyehene revealed that businesses are bound to collapse should government not tackle the continuous increase in interest rates.

Currently, Ghana’s interest rate stands at 26%, making the West African country one of the highest in terms of interest rate in the world. However, some universal banks are charging over 30% on loans.The Bank of Ghana’s increase in the prime lending rate from 23% to 25% in September raised a lot of eyebrows as business watchers complained it will stifle investment, the development of the private sector and economic growth in general - a development which makes Ghana one of the worst performing in the Doing Business In Africa ranking.

Related news

NPP executives invite fetishes priestesses to curse MPs and party members who took bribe

NPP executives invite fetishes priestesses to curse MPs and party members who took bribe

NPP executives justify invitation of fetish priestesses to curse bribe-taking members