Ghana has 3rd highest lending rate in the world

The debate over the high lending rates in Ghana has been revived with the release of the latest ranking by tradingeconomics.com.

Out of a total of 81 countries, Ghana was ranked the 3rd country with the highest lending rate. Ghana closely followed Belarus and Venezuela with a lending rate of 15 percent.

On the African continent Ghana has the highest lending rate followed by Kenya, Nigeria, Tanzania and Mozambique.

President of the Ghana Chamber of Commerce and Industry Seth Adjei-Baah told XYZ Business the high lending rates are thwarting efforts of entrepreneurs to grow their businesses.

But Managing Director of UT Holdings, Prince Kofi Amoabeng says there is very little banks can do to reduce the lending rates. He was speaking at a recent forum organised by the Ghana Shippers Authority.