The Association of Ghana Industries (AGI) has told Citi Business News it is awaiting a feasibility report to set up the AGI Industrial Development Bank.
The association in January,2014 announced it will set up a bank for Small and Medium Scale Enterprises(SME)s.
According to the association its members cannot continue to bear the high interest imposed on them by Banks and financial Institutions that provide them with credit.
Businesses operating in the country are charged interest rates between 35%-40% from Commercial Banks and between 60% – 80% from Microfinance Companies.
Speaking to Citi Business News President of AGI, James Asare Agyei said the feasibility report should be ready by the close of the year.
“We have made good progress, at the moment we are excepting our feasibility report which will then give us the opportunity to apply for the Banking licence and we know that other institutions are going to support us in this process of getting an Industrial Development Bank in this country that will solely serve the industrial sectors of this country.”
By: Norvan Acquah-Hayford/citifmonline.com/Ghana