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Archive for July 5th, 2011

MPs Angry With Banks Over High Interest Rates

Posted by Business in Ghana on July 5, 2011

Source: Citifmonline

After years of complaints by small-scale businesses and consumers of all ranks over high interest rates charged by banks, Ghana’s Parliament has made a bold move to probe the issue of huge disparities between Bank of Ghana’s base rate and the interest rates of the various commercial banks operating in the country.

Speaker of Parliament Justice Bamford Addo directed the Finance Committee of the House to interrogate the nation’s banks over the high interest rates after MPs had expressed outrage over what they called “unacceptable astronomical profits” being made by both local and foreign banks operating in the country. Read the rest of this entry »

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