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Source: newsthemegh.com
Former president of the Ghana Association of Banks Naa Alhassan Andani believes that the recent decline in the government Treasury rate is a beneficial development that will eventually lead to a decrease in interest rates.
The rate reduction will encourage private sector growth and ultimately help the expansion of the economy. After the drop in the rate on 91-day Treasury bills from about 35% to 19.38%, businesses and people will borrow more money from banks.
Naa Andani, a former managing director of Stanbic Bank Ghana, stressed the significance of reduced interest rates when speaking at a business event in Accra. This would enable companies to access cash to assist their expansion. In order to ensure that the advantages accrue to private and public partnerships meaningfully, he also advised community leaders to seek expert guidance before to joining partnership accords, especially in the agriculture sector.