{"id":305804,"date":"2017-03-28T14:21:42","date_gmt":"2017-03-28T14:21:42","guid":{"rendered":"http:\/\/citifmonline.com\/?p=305804"},"modified":"2017-03-28T14:21:42","modified_gmt":"2017-03-28T14:21:42","slug":"bankers-initiate-moves-to-cut-interest-rates-for-customers","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/03\/bankers-initiate-moves-to-cut-interest-rates-for-customers\/","title":{"rendered":"Bankers initiate moves to cut interest rates for customers"},"content":{"rendered":"
Some banks have given indication of cutting their interest rates to reflect the reduction in the policy rate by the Bank of Ghana.<\/p>\n
They explain that the move forms part of plans to reduce the plight of businesses and eventually correct the bad loans in their books.<\/p>\n
The Bank of Ghana (BoG), in its 75th<\/sup> MPC meeting reduced its prime rate by 200 basis points to 23.5 percent.<\/p>\n Governor of the Central bank, Dr. Abdul Nashiru Issahaku cited declining inflation as basis for the decision.<\/p>\n Commenting on the development, the CEO of First Atlantic Bank, Odun Odunfa tells Citi Business News<\/strong> a slash in interest rates should help grow the banking sector.<\/p>\n \u201cWhatever helps the economy we will support; the banking sector is just one sector in the whole economic chain\u2026rates reduced means things are a bit easier for our customers and this means that things will be a bit better for us,\u201d he stated.<\/p>\n Mr. Odunfa added, \u201cWhatever makes our customers happy and feel better is what we pursue. For us it is a step in the right direction.\u201d<\/p>\n The reduction in the policy rate is among other things expected to lead to a drop in interest rates.<\/p>\n But the CEO of First Atlantic Bank tells Citi Business News his outfit has already begun adjusting its rates to suit the cuts.<\/p>\n He however couldn\u2019t readily disclose the areas and percentage of reduction.<\/p>\n \u201cIt is already reflecting\u2026 the interest rates for most of our loans have been reduced.\u201d<\/p>\n Fidelity Bank to reduce interest rates for SMEs<\/strong><\/p>\n In a related development, the Managing Director of Fidelity Bank Jim Baiden has assured that interest on loans will be affordable henceforth.<\/p>\n