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Maverick politician and member of Parliament for Assin Central, Hon. Kennedy Agyapong has encouraged commercial banks to reduce interest rates in order to stimulate the economy.
“Ghana’s interest rates are really ludicrous, making it almost hard for local enterprises to compete favorably with international ones,” he stated.
According to Mr. Kennedy Agyapong, commercial banks typically increase interest rates by adding their profit margins to the interest rates they charge on the loans they make.
According to him, “Many firms have been grumbling about this.” He said, “It’s because of the high financing rates that most Ghanaian companies choose to import completed items, rather than produce them at home,”
Mr. Agyapong urged KNUST School of Business students to seize the chances that are accessible to them during a conference on Tuesday in Kumasi.
Accompanied by the Kumasi Business Incubator and the School of Business, this event was dubbed “Practitioners’ engagement on entrepreneurial competencies,” and it was designed to help students understand some of the talents and attributes they need to succeed as entrepreneurs.
