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According to Naa Alhassan Andani, the former president of the Ghana Association of Banks, the recent decrease in the government Treasury rate is a positive development that will eventually result in a reduction in interest rates. The decrease in rate will support the expansion of the private sector and ultimately contribute to the economy’s growth. Businesses and individuals will borrow more from banks following the 91-day Treasury bill rate decline, from around 35% to 19.38%.
Speaking at a business forum in Accra, Naa Andani, a past Managing Director of Stanbic Bank Ghana, emphasized the importance of lower interest rates, allowing businesses to access capital to support their expansion. He also urged community leaders to seek expert advice before entering partnership deals, especially in the agriculture sector, to ensure that the benefits accrue to private and public partnerships meaningfully.
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Source: Omanghana.com/SP
