{"id":249715,"date":"2016-09-19T16:25:04","date_gmt":"2016-09-19T16:25:04","guid":{"rendered":"http:\/\/citifmonline.com\/?p=249715"},"modified":"2016-09-19T16:25:04","modified_gmt":"2016-09-19T16:25:04","slug":"bog-worried-over-high-lending-rates","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/09\/bog-worried-over-high-lending-rates\/","title":{"rendered":"BoG worried over high lending rates"},"content":{"rendered":"
The governor of the Bank of Ghana (BoG) Dr. Abdul Nashir Issahaku has described as worrying the country\u2019s current average lending rate which is hovering around 33 percent.<\/p>\n
According to the Dr. Issahaku, the central bank is committed to bringing down lending rates by tightening monetary policy.<\/p>\n
Speaking to Citi Business News<\/strong>, Dr. Issahaku said the central bank was working hard to bring down inflation rate, to help reduce interest rates.<\/p>\n \u201cIt is a worry and that is why we are working around the clock to bring down the rates. We will see the rate coming down if the disinflation process is consolidated and when inflation begins to come down substantially, of course it will pull down interest rate. And that is our mandate to bring down inflation,\u201d he said.<\/p>\n He stated that the central bank had to embark on monetary tightening now to control inflation.<\/p>\n \u201cIt\u2019s a bitter pill that we are swallowing now to ensure that stability returns to the economy and once that happens am sure the interest rate will come down,”he stressed.<\/p>\n