Business News of Friday, 29 May 2020Source: thebusiness24online.netBanks walking with private sector through pandemic - AndaniAlhassa Andani, president of the Ghana Association of BankersBanks have rescheduled over GH¢1.6bn in existing loans in addition to significant reductions in interest rates to cushion the impact of the coronavirus shock on the private sector, president of the Ghana Association of Bankers Alhassan Andani has said. The loans were rescheduled to periods ranging from three months to one year, especially for clients in the services sector, Mr. Andani, who is also the Managing Director of Stanbic Bank, said. “The banking sector has been very responsive and proactive to the needs of private sector businesses,” he said. He said it has become critical for businesses to identify financing options that can help them in managing their working capital and capital structure effectively. Commercial banks have also set aside GH¢3bn to lend to businesses severely affected by the shock, especially those operating in the hospitality sector.

Source: GhanaWeb May 29, 2020 08:03 UTC