Banks asked to reduce interest rate on loans

Kumasi, Oct. 1, GNA - Yam sellers at the Kumasi Central Market, have urged financial institutions in the country to reduce the interest rate on loans to encourage traders to access bank credit to expand their businesses.

The yam sellers were contributing to discussions at a workshop to mark the financial literacy week, which was sponsored by the National Insurance Commission, in Kumasi. Madam Akua Nimo, a yam seller at the market, said given the economic realities in the country, there was the need for banks to intervene to keep traders in business. She said high interest rate charged on loans was deterring many traders from approaching banks for financial support. Madam Nimo advised all sellers to cultivate the habit of saving with the banks and avoid keeping money at home. Maame Ama Saah, also a trader at the market, appealed to the Kumasi Metropolitan Assembly to provide more satellite markets for petty traders in the metropolis. 1 Oct. 09