The National Treasury building. [Elvis Ogina, Standard]The government seems to have pushed the private sector from the domestic credit market in the nine months to January this year. Year-on-year private credit grew by a high of 9.3 per cent to January, which picked up in February to 9.7 per cent, the highest growth since June 2016. Although there was an increase in credit growth to the private sector, public sector credit grew faster. Consequently, the National Treasury came up with a credit guarantee scheme aimed at encouraging banks to lend to risk borrowers.

Source: Standard Digital April 03, 2021 03:56 UTC