Saturday, August 17, 2019
Home POLITICS A Ghanaian Member of Parliament wants Ghanaians to boycott bank loans

A Ghanaian Member of Parliament wants Ghanaians to boycott bank loans

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He explained that his call is due to what he described as high-interest rates charged by the banks.

He added that the high-interest rates are to the disadvantage of local traders compared to their foreign counterparts.

The maverick MP was contributing to a statement on the floor of the House by Manhyia North MP, Collins Owusu Amankwa on the involvement of foreigners in Ghana’s retail trade and its implications, said the high rate is throwing local traders out of business and compounding their economic woes.

Mr Agyapong said, “the reality is that it is very easy for a Nigerian to knock a Ghanaian out of business completely because our interest rates are so high and in India, China, Nigeria, their interest rates are low.”

“Even today that interest rates are down, it is between 22 and 30% whereas our competitors are taking loans with interest rates as low as 5%, 2%. The banks are taking advantage of us, especially the traders. The situation they are in, they are forced to take any rate because they’re desperate.”

“I’ll think if Ghanaian traders are able to boycott loans, they will sit up. I don’t take loans … If everybody will sit for about three months and we’re not taking loans, these banks will also sit up.”