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, which he said keeps him up at night.
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.