Reduce lending rates to Private Sector – Akufo-Addo to Banks

President Akufo-Addo has challenged Banks in Ghana to complement the achievements of his government by reducing lending rates to the Private Sector.

With inflation declining to 10.3 as at January 2018, growing improvement in our micro economy, a fall in the 91 day Treasury bill rate from 16.4 percent in 2016 to 13.4 percent as at today, there have been concerns over why most key indicators are declining, but lending rates of banks are still high.

Delivering an address at the official opening of the newly built Ecobank Ghana Head Office in Accra, President Akufo-Addo said lending rates have remained stubbornly high averaging between 31.7 percent and 29.3 percent within the same period irrespective of the fact that fiscal deficit has reduced and inflation declining.

He stated the “gap between what is happening with the decline in inflation and the rates being charged by banks is a gap we have to bridge”

The Managing Director of Ecobank Ghana, Daniel Sackey, in his welcome address indicated that Ecobank since 2012 has become the biggest banking institution in Ghana. Going forward, the bank intends to embrace fully the digitization of banking to make sure that the banks customers are given the best of service.

Board Chairman of Ecobank Ghana, Terence Darko, in a brief remark said Ecobank will be relentless in its effort to support the developmental agenda of Ghana. He added that the Bank will in the coming years increase it social responsibility efforts as well.

Ecobank Transnational Incorporated Group CEO, Ade Ayeyemi, observed that in today’s banking world, it is important to always come up with innovative ideas that would meet the needs of customers.

This, Mr. Ayeyemi says is the motivation behind the construction of the New Ecobank head office complex.

Governor of the Bank of Ghana, Ernest Addison, Commended Ecobank for putting up such a huge edifice to serve as its headquarters in Ghana. He also disclosed that the Bank of Ghana has this morning issued new Corporate Governance Guidelines targeted at banks and other special deposit taking institutions.

It is his hope that the new guidelines would go a long way to help streamline the governance of financial institutions in the country and minimize bad practices in the sector.