A Deputy Finance Minister, John Kumah, has expressed optimism that interest rates in the country will in the coming months go down, following a raft of measures being rolled out by the government.
Ghana’s interest rate is currently one of the highest in the sub region making it difficult for businesses to thrive.
Speaking on Asaase Radio on Friday April 14, 2023, Mr Kumah said reducing interest rates is critical for the survival of businesses.
“At the moment T-Bill rate in January was at about 35%, today it is below 20%, and we are still forcing it down.”
Inflation
“So that in the end once we tackle inflation and it also comes down, we are now going to see the cost of borrowing coming down within reasonable limits for businesses to have the liquidity to operate,” he said.
Kumah added, “So if you don’t have a solid macro-economic environment, businesses will suffer and we are working to restore a healthy macro-economic environment so that businesses will do well.”
