Abetifi (E/R), Jan 24, GNA - The Commercial and Rural Banks have been urged to reduce their interest rates to enable more individuals, farmers and small-scale entrepreneurs to contract loans to expand their businesses.
Making the call at a Peoples Assembly at Abetifi in the Kwahu South District on Friday, speakers expressed concern that though the government's economic policies had led to the reduction in the interest and inflation rates from over 50 per cent and 42 per cent in 2000 to 26 and 24 per cent respectively, yet the banks were charging around 35 per cent interest on loans.
The Government's Spokesperson on Finance, Nana Ohene Ntow gave assurance that the Bank of Ghana would meet officials of the rural and commercial banks soon to discuss their interest rates.
He pointed out that the government's economic management policies had drastically reduced the inflation, interest rate, stabilized the cedi while five increases in the cocoa price within the past three years had also enhanced the living standard of the people.
Nana Ohene Ntow said the government had so far spent 1.14 trillion cedis from the HIPC funds to finance the construction of a number of infrastructure for the past three years while 1.35 billion dollars is expected from the HIPC fund this year to construct more infrastructures in the country.
A number of people also complained about the destruction of food crops by herds of cattle under Fulani herdsmen, armed robbery, illegal felling of trees, poor road network, inadequate water and electricity supply in the district.
The Divisional Police Commander, Assistant Commissioner of Police (ACP), Rose Bio Atinga, in an answer to a question said police barriers had been erected at vantage points to check armed robbery while a large track of land is been acquired from the chiefs in the area to construct kraals to confine the Fulani cattle in the area.
The MP for Abetifi, Mr Eugene Atta Agyapong, said most of the feeder and urban roads in the area would be rehabilitated while water and electricity supply would also be improved before the end of the year.
The Eastern Regional Minister, Dr. Francis Osafo-Mensah, advised the people to embrace the National Health Insurance Scheme (NHIS) since it was the only effective and affordable means of solving their health delivery system.
The District Chief Executive, Mr Raymond Osafo Gyan, said the government had spent billions of cedis towards the construction of infrastructure such as roads, classroom blocks, teachers quarters, library books, places of inconvenience and lorry parks which were financed from the District Assembly Common Fund, HIPC and Getfund to enhance the living standard of the people.
