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President urges banks to reduce lending rates

Banks in the country have been urged to reduce their interest rates to complement the efforts being made by Government to create a more stable macro-economic framework in the country.

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Banks in the country have been urged to reduce their interest rates to complement the efforts being made by Government to create a more stable macro-economic framework in the country.

President Nana Addo Dankwa Akufo-Addo, yesterday, at the commissioning of a $60 million new Ghana Head Office of Ecobank, in Accra said one of the key tenets of moving the country beyond aid project is to ensure that private enterprises get freedom.

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He explained that this was what led to the elimination of 14 taxes in the first budget of his government “in order to create a breathing space for the business community.”

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According to the President, the first year of his administration has ensured that the Minister of Finance ensures the maintenance of fiscal discipline, with a deficit of 9.3 per cent inherited from the previous NDC administration in 2017 has reduced to 5.6 per cent.

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80th anniversary of Ada Asafutufiami festival launched in Accra

The people of Ada have been celebrating the ‘Asafutufiamia Festival” for the past decades, this year marks the 80th edition of the festival in the various communities.

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He added that process of restoring fiscal discipline to the economy had gone along with the BoG maintaining hold of the country’s economy, resulting in the growing improvement of the macro economy.

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The people of Ada have been celebrating the ‘Asafutufiamia Festival” for the past decades, this year marks the 80th edition of the festival in the various communities.

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The people of Ada have been celebrating the ‘Asafutufiamia Festival” for the past decades, this year marks the 80th edition of the festival in the various communities.

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The 80th anniversary celebration of the festival was launched at Labadi Beach Hotel in Accra on Monday, June 19, 2017, and was attended by the chiefs and queen mothers including the paramount chief Nene Abram Kabu Akuaka III. 

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Head of corporate communications at TV Africa, Eko Blankson called on the chief of the community to take advantage of the many tourists’ locations in the area to market Ada to both Ghanaians and foreigners who come into the country to see beautiful places.

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Invited guests enjoyed good poetry recital from Oswald, live band music from Wulome and many exciting traditional performances.

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The official logo for the 80th anniversary celebration was unveiled, funds were also raised to make the anniversary a beauty to watch this year.

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“We have seen inflation decline from 15.6 per cent in 2016 to 11.8 per cent in 2017 and now at the end of January a 10.3 per cent. The monetary policy rate has also been falling from 25.5 per cent in 2016 and now stands at 20 per cent. The 91-day Treasury bill rate has also been falling from. 16.4 per cent in 2016 and now stands at 13.4 per cent,” he said.

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President Akufo-Addo assured that a positive response to his appeal from banks would ensure that “I will definitely lend my voice to an improved banking culture that ensures that people pay back their loans.”

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The President congratulated the promoters, the management and Board of Directors of EcoBank for the tremendous strides that have made over the years, typified by this new Ghana Head Office.

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He noted that even though the Ecobank is a major pan-African bank, the Ghanaian entity is the most profitable within the pan African context.

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However, the President said banking lending rates to the private sector had remained ‘stubbornly high’ averaging between 31.7 per cent and 29.3 per cent within the same period.

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Here are some reviews from our partners.

“The gap between what is happening to the decline in inflation and the rates being charged is a gap we have to bridge and if we give really substantial complements to the vision that we all share of Ghana as a free entrepreneurial and globally competitive economy, my challenge to you is to complement the efforts of my government which is creating a more stable macro-economic framework by bringing down lending rates,” he said.
John Doe Vancouver
“I’ve said that I’m in a hurry. I’m in a hurry because the Ghanaian people are in a hurry to see an improvement in the quality of their lives. And therefore if we are really to give an impetus to private sector development in our country, lending rates need to come down and they need to come down as a matter of urgency,” he stressed.
Jessica SmithToronto
“It would be the way we can grow our private sector and enable it to create jobs and all the other linkages to grow into an enhancement of our general prosperity. So my challenge, and I’m speaking on behalf of Ghanaians who are not here, is for you to look at reducing banking lending rates as quickly as possible,” he said,
Steve RogersMontreal

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President Akufo-Addo added that a strong commitment from Ecobank to tackle this anomaly, including rapid declines of inflation and high lending rates, would be a very good signal to the others.

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