Industry demands low interest rates, stable cedi after 100 days | Business News 2017-04-18
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Business News of Tuesday, 18 April 2017


Industry demands low interest rates, stable cedi after 100 days

Businesses are impressing on the government to pursue economic policies that will sustain growth and create employment in the country.

They argue that the eventual drop in interest rates and a stable currency should ease the cost of doing business and allow private sector growth.

The comments come on the back of the assessment by businesses on the first hundred days in office of the presidency.

“Our projection basically is looking at what is happening in the industry arena with the policy rate coming down and also the Treasury bill rate coming down.

We expect that the banks will also react positively and review their interest rates,” the CEO of the Ghana National Chamber of Commerce, Mark Badu Aboagye told Citi Business News.

“We are also expecting that the cedi will be strengthened against the major currencies especially the dollar and Euro and others,” he added.

Vice President Dr. Mahamudu Bawumia on Monday touted some achievements within the first three months of the NPP administration.

Among the key achievements he alluded to included increasing the country’s foreign reserves, stabilizing the cedi and restoring investor confidence.

Though Mr. Badu Aboagye lauded some policies by the government in its first three months in office, he however explained to Citi Business News government must work to sustain economic growth.

“So we are expecting an economy that will support the private sector to expand and also employ a lot of people to reduce the country’s high rate of unemployment so there a high level of expectation from Dr. Bawumia and of course his Excellency Nana Akufo Addo.”