The 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 the 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.
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She added that as the macro economy 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 macro economy, we expect things to get better. Moments ago, before I got here, inflation has 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. Inflation rate will drop fitter 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.