Former Head of Research, at the Chartered Institute of Banking Charles Kwadwo Oppong says the government ought to tread cautiously in addressing the issue of high interest rate urging for a major stakeholders dialogue in the sector.
He argued the current rate reflects the economy in which we live in, adding, “we need a concerted approach; it calls for planning so that at both ends the customer and the banks will not suffer at the long run.” he told sit-in host Akwasi Nsiah on Anopa Kasapa on Kasapa 102.5 FM.
President Nana Addo Dankwa Akufo-Addo has asked the Governor of the Bank of Ghana (BoG) to take another look at the existing interest rates in the country.
But the Banking expert, Kwadwo Oppong said the country’s prevailing economic situation always corresponds with the Interest rate.
“All things being equal when the economy is doing well, banks will also perform well. Eventhough the economy is not doing bad now, there should be a gradual approach to address the high interest rate. The banking sector is now taking shape and so we should give ourselves some time. Don’t forget this is an interplay of demand and supply.”