High lending rates: IEA blames government, BoG, banks

The debate over high lending rates in the country will not end anytime soon, as the Institute of Economic Affairs is blaming the high cost of credit on government, banks and the Bank of Ghana. Though the institute believes the problem is multifaceted, it is attributing the high cost of loans to these three actors.

Higher cost of certain foodstuffs and housing pushed the rate of inflation for the month of August to 9.7%, data from the Ghana Statistical Service indicates.

However, it still remained in the single digit bracket despite the consistent upward trend in the prices of some foodstuffs and housing.

International ratings agency, Moody’s, affirmed Ghana’s B3 long-term issuer ratings and also kept its economic outlook at negative. It attributed that to the high debt burden, continued weak debt affordability, high gross borrowing requirements and ongoing liquidity challenges.

President Akufo Addo expresses disappointment over decision by italian oil and gas firm (ENI) to take on Springfield at the international tribunal in London.

Economics and Organised Crime Office warns public about involving third party in loan acquisition.

The Independent Power Producers and other consumer stakeholders in the power sector are fighting the Electricity Company of Ghana, the Ghana Grid Company, Northern Electricity Company and the Volta River Authority, over a possible increase in electricity tariff.

Financial economist Prof. Lord Mensah proposes some short term measures to deal with current pressure on the Ghana cedis.

The Bank of Ghana has reiterated its commitment to continue to pursue policies and programmes aimed at improving the operational banking environment, to build customer confidence and ensure the stability and soundness of the financial sector.

Ghana’s construction industry value of $9 billion is ranked 7th in Sub-Sahara Africa, Fitch Solutions, research arm of ratings agency, Fitch, has said.

The Managing Director of Ecobank Ghana PLC, Daniel Sackey says it is time to take deliberate steps to resolve the housing deficit in the country.