Business News of Friday, 10 September 2021Source: GNAThe Institute of Economic Affairs (IEA), has urged the Bank of Ghana (BoG) to impose a ceiling of five percentage points on the spread of banks to lower lending rates in the country. Dr. John K. Kwakye, the Director of Research, IEA, made the call at IEA Forum in Accra on, "High Lending Rates in Ghana: What is the Solution?" The forum was necessitated by a recent call by President Nana Addo Dankwa Akufo-Addo for BoG to address the problem with high lending rates, given the negative effect on economic growth. He said banks needed to address operational inefficiencies to reduce costs so that they were not passed on to customers. On Monetary and Regulatory Authority, he said they should ensure that the fight against inflation did not itself fuel high lending rates.
