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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Ecobank boss unfazed by war on high interest rates

bycitibusinessnews
November 18, 2014
in Banking And Finance, News
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Ecobank Transnational Incorporated (ETI) has questioned how realistic the fight against high interest rates in the country will be.

According to the bank’s CEO Albert Essien “with all due respect to my honorable Spio Garbrah, if the reference rate at the central bank , is at 25% or there about , why will you lend below that , people forget that the commercial bank is also a player in the economy”, he stressed.

The Minister of Trade and Industry Dr Ekow Spio Garbrah has vowed to ensure a reduction in the interest rates of banks after the business community lamented how it was crippling their operations.

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According to him ‘we will be declaring a war on high interest rates, everybody, beginning from January first. so we are giving the banks notice, so they can begin taking appropriate measures. We are tired of structurally high interest rates’.

Ghana has one of the highest interest rates in the world, average rates are hovering around 35 percent.

The bank of Ghana’s policy rate which bank’s use to determine their base rate was increased to 21% from 19% on 12th November, 2014.

Speaking to Citi Business News on the sidelines of the “facts behind the figures ” programme organized by the Ghana Stock Exchange , Mr. Essien said ,”if the 91 day treasury bill rate is at that rate why would you lend below that , so I don’t know. I think the minister was saying something I’m not aware of”.

The Managing Director of Pro Credit Sarah Tsien Zetterli earlier warned government against its quest to ensure the reduction of interest rates of banks in the country.

According to her government must first guarantee an enabling environment for Small and Medium Scale Institutions by ensuring reliable supply of electricity and basic infrastructure.

” I would caution all of us in our war on interest rates,…let’s talk about exactly what the interest rate is , it is the cost of my product , plus the risk margin and a little bit of profit”, she said.

By: Rabiu Alhassan/citifmonline.com/Ghana

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