[ 2016-11-07 ]

Dr. Abdul-Nashiru Issahaku

I’ve sleepless nights over high cost of credit – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr.
Abdul-Nashiru Issahaku, has admitted that the high
cost of credit in Ghana is a major problem
confronting the banking industry, saying he’s
been having sleepless nights over the situation.

He has however assured that the BoG will be
working hard to ensure a reduction in credit
prices to the benefit of all Ghanaians.

Industries have called on government to review the
current interest rate, which hovers around 35 to
40 percent.

In a recent engagement with the Association of
Ghana Industries (AGI), the flagbearer of the
opposition New Patriotic Party (NPP), Nana
Akufo-Addo, bemoaned the trend, and promised to
revise it, should he win the elections on December
7.

Speaking at the annual Association of Ghana
Industries (AGI) awards over the weekend, Dr.
Issahaku assured industry players of the central
bank’s resolve to address the issue.

He noted that, “the challenges that confront the
Ghanaian industry are well known and the necessary
steps are being taken to address them.

Some of these challenges include currency
instability, access to, and high credit.

“I have sleepless nights over high cost of
credit and I can assure you that I am working very
hard to ensure that the cost of credit comes
down.” According to Dr. Issahaku, the central
bank has the primary mandate of price stability,
and it can only fulfill this mandate “through a
healthy and resilient banking sector.

If banks are strong and stable, they can transmit
our policy decisions to you all.” “The essence
of our work is not really the price stability, but
to ensure that industries thrive, businesses
thrive for the welfare of all Ghanaians to be
improved,” he added.

Source - Citifmonline

... go Back