Business associations advise government to reduce Interest Rates

Winneba (C/R), July 02, GNA- Leaders of Small-Scale Business Associations (SSBA) in Ajumako-Enyan-Essiam and the Awutu-Effutu-Senya districts of the Central Region have appealed to the Government to reduce the interest rates on loans granted to farmers, fishermen and small scale business operators.

According to the petitioners, unless the high interest rates charged by the banks were drastically cut, efforts by the Government to eradicate poverty would not achieve the required results. The leaders made the call at a forum organized by the International Labour Organization (ILO), for more than 100 representatives of various Small Scale Business Associations in the two poverty-stricken districts to review their performances.

The associations which comprised nearly seven thousand members, are being operated under the auspices of the Ghana Decent Work Pilot Programme (GDWPP), a brain child of the ILO.

Participants cited loans granted to members of the associations concerned by the Social Investment Fund (SIF) through the Rural Banks as some of the financial assistance which attracted high lending rates. The petitioners expressed the hope that Government would take a serious view of the appeal and come out with what they described as 'affordable' interest rates to assist small-scale business operators, farmers and fishermen promote their work.