President Nana Akufo-Addo has instructed the new board of directors of the Bank of Ghana to resolve high interest rates issues. The president made the remarks at the swearing-in ceremony of the new Central Bank Board on August 20,2021, Friday.
According to the president, low interest rates for the country’s economy are essential to ensure that the Ghanaian economy becomes and remains competitive.
“Let me use this occasion to urge the Bank to interrogate the issue of high interest rates in Ghana, and how the problem should be addressed to enhance the competitiveness of the private sector. It is surely not right that the Central Bank’s MPR stands at 13.5% while the commercial banks lend to the private sector at rates of 21% and above.”
“This is a gap we have to bridge if we are to realize the vision of a Ghana whose economy is globally competitive. I believe the Bank of Ghana is best placed to lead this process of reflection and action,” he added.
The new Board is chaired by the Governor of the Bank of Ghana, Dr. Ernest Addison, followed by the first deputy of Bank Ghana(BOG),Dr. Maxwell Opoku-Afari, Second Deputy, Mrs. Elsie Addo Awadzi,Minister of State at the Ministry of Finance, Mr. Charles Kofi Adu Boahen.
Other members include Dr. Kwame Owusu-Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor, Mr. Joseph Blignam Alhassan, Mr. Andrew Adinorte Boye-Doe, Mrs. Comfort Ocran, Dr. Regina Adutwum, Ms. Angela Kyerematen-Jimoh and Professor Eric Osei Assibey.