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Vice President calls on banks to further reduce lending rates

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Vice President John Dramani Mahama on Wednesday called on banks to further reduce their base and interest rates to allow small and medium enterprises that depend on loans to survive in the commercial competition in the country.

“I am encouraged by your gradual reduction of base and interest rates; we want you to further lower the rates for the enterprises not to suffer undue hardships in their commercial activities.”

Vice President Mahama made this call when a delegation from the Standard Chartered Bank called on him to introduce Mr Kweku Bedu-Addo, new Chief Executive Officer of the Bank and to announce the departure of Mr Hemen Shah, former Chief Executive at the Castle, Osu.

He also called for a closer collaboration between government and the local banks as that had the potential of catapulting the developing needs of the country in terms of better loan conditions and terms.

“Most of the time, government had to go outside for financial support and I believe that we can get the same support from the local banks to address our numerous developmental challenges.”

He gave the assurance that the economy would continue to improve and create an enabling environment for investments and other attractions adding “the economic progress of this country, I must once again state, is not a fluke.”

Mr Bedu-Addo, the in-coming Chief Executive Officer of the bank pledged to partner government in the areas of agriculture, oil and Gas and mineral exploitation in the coming years.

In a similar development, Mr Seydou Bukari, the Benenois Ambassador to Ghana, also called to bid the government and people of Ghana farewell after five years of diplomatic tour in Ghana.

Vice President Mahama commended the people of Benin for their democratic prowess in organising several general elections without serious disturbances adding “Benin is one of the country’s that has gone unnoticed in their democracy.”

He wished him well in his next tour to Doha, Qatar.

Mr Bukari said his first ambassadorial position in Ghana had equipped him adequately to undertake similar positions in other countries adding “…and I will forever be grateful to Ghanaians for whatever I have become today.”

Source: GNA

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