Commercial banks
operating in Ghana have been urged by the Bank of Ghana to lower their lending
rates while the country’s inflation figures are showing a decline.
According to the
Ghana Statistical Service, the inflation rate for April 2023 was at 41.2
percent, a drop from the earlier recorded 45 percent in March 2023.
Speaking at an
event organized by Absa Bank in collaboration with the Mastercard Foundation to
launch a loan scheme for small businesses at a 10 percent rate, Elsie Addo
Awadzi, the Second Deputy Governor of the Central Bank, stated that this
decline in national inflation indicates a positive trend in the domestic
economy, with further development expected.
She added that
as the macroeconomy improves and the economy recovers, there is a likelihood of
a better future.
“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.
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