Business News of Tuesday, 1 June 2021Source: www.ghanaweb.com• The GUTA president said measures must be put in place to reduce the rate banks charge for lending• The policy was reduced by the Bank of Ghana on May 31• Banking consultants have also noted that banks have a few months to adjust their interest rateThe Ghana Union of Traders Association has called for some control mechanism to compel banks to cut their lending rate in line with the reduction in the Monetary Policy Rate. The Monetary Policy Committee of the Bank of Ghana reduced the policy rate by 1% basis point to 13.5% from 14.5% for the first time since March 2020. GUTA president Dr Joseph Obeng believes that some regulatory control measures be put in place to ensure commercial banks follow suit. Meanwhile, a banking consultant Nana Otuo Acheampong has stated that it could take banks a few months to adjust their interest rate due to the high non-performing loans. “It may take a while before the banks are able to adjust their interest rate to suit the new policy rate but it can be done.

Source: GhanaWeb June 01, 2021 13:52 UTC