High interest rates affecting businesses in Ghana

The Ministry Trade and Industry has kicked against high interest rates which are negatively affecting private businesses in the country. Dr. Ekwow Spio-Garbrah, Minister for Trade and Industry, who was speaking during a meeting with the US Ambassador to Ghana, Gene A Cretz in his office, promised to help reduce the high interest rates.
He said, “Under my tenure as Minister of Trade and Industry, I will declare war on interest rates since we cannot embark on any meaningful industrialization or private sector development when interest rates are killing them and I see US as one of our key allies in this endeavour.”
“Ghana imports everything but what has not been exploited is low interest rate loans to support the growth and development of a vibrant industrial sector. I am going to embark on an aggressive crusade in this area.”

He said the relationship between Ghana and US has improved significantly, with Ghana benefiting immensely from the Millennium Development Account (MDA), AGOA, among others.
“Our mineral resources have not been effectively utilized. We have huge deposits of iron ore, bauxite and manganese which can be processed into a wide range of value added products for export,” Dr. Spio-Garbrah said.

“It is a known fact that Ghana has a short-term energy deficit and if we are to improve our industrialization, we need a buoyant energy sector and Ghana will welcome investors in this sector.”

Gene A Cretz, US Ambassador to Ghana, in his remarks, said political stability in the country makes it ideal for investment.
He gave the assurance that his office will work closely with the Ministry to promote bilateral trade and investment between the two countries.


DailyguideGhana