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    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

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    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

    Manufacture of petroleum products push PPI to 31.2% in April

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

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Private sector decries high cost of credit in Ghana

bycitibusinessnews
April 24, 2016
in Local Economy, Top Stories
Dr Seth Adjei Baah

Dr Seth Adjei Baah

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Players within the private sector have bemoaned the high cost of doing business in Ghana due to the difficulty in accessing funds.
According to them, local businesses continue to post losses due to high interest rate which is now hovering around 35% to 40%.

Speaking in an interview with Citi Business News at the sidelines of the Association of Chartered Certified Accountants (ACCA) grande ball, the immediate past President of the Ghana Chamber of Commerce and Industry, Dr Seth Adjei Baah said lack of access to cheaper credit is stifling the development of the private sector in Ghana.

“You cannot give what you do not have. Most of the banks don’t have the capacity to give the money people need to expand their businesses. So when it happens, it is difficult”, he said.

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Pointing out some activities that have created more challenges, Dr. Baah criticised government’s decision to always resort to the domestic market for loan, adding that it denies the private sector the ability to access funds.

‘‘It is difficult to access the money. Government is competing with the business man for the money, and the banks will always prefer to deal with government rather than the businessman who has a lot of risks in this competitive industry’’.

He appealed to government to fix the economy to create an enabling environment for the private sector to thrive.
–
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana

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