A Financial Analyst, Sydney Casely-Hayford has said the Trade Minister’s promise to deal with the high interest rates will amount to nothing.
“He [Spio-Garbrah] can talk about it and he will talk because he is a good talker but there is nothing he can do. He can’t do ‘shele’!” he remarked.
[contextly_sidebar id=”ZrhE8rL5n2gnTImyrSVVwo4MIZQAhskF”]Trade and Industry Minister, Dr. Ekow Spio-Garbrah has declared war on the high interest rates existing in the country which is considered one of the highest in the world.
He served notice that from January 2015, banks in the country must push down their rates or face his wrath.
He has charged the business community to contribute their quota by helping him bring down the interest rates, adding that, citizens are tired of structurally high interest rates.
In an interview with Citi News, Casely-Hayford pointed out that interest rates will always go up and there is nothing the Minister can do.
According to him, Spio-Garbrah is the Minister of Trade and not Minister of Finance and neither is he the Governor of the Central Bank.
This he said, does not afford him the “tools and mechanisms to be able to lobby anybody to change the interest rates in the way they are set.”
The Financial Analyst advised that the sector Minister “shouldn’t kid himself; there is nothing he can do; nothing; absolutely nothing!”
By: Efua Idan Osam/citifmonline.com/Ghana