The honourable member of parliament for Assin Central has made a statement to elaborate on the fact that, no business can survive in the country if certain things don't change.
According to him, many Ghanaian businesses need loans to operate but the rates that the banks place on their loans makes it difficult for people to compromise.
“The rates on bank loans in this country is too high. Taking this into consideration, many Ghanaians businesses will not be able to survive as foreign businesses are able to operate with loans which have a relatively low rate. ”, he stated.
Kennedy Agyapong also elaborated on the fact that, many Ghanaians businesses are not able to compete with these foreign businesses simply because the rates in their countries are relatively lower.
The honourable member of parliament also said that, he himself was in need of a loan but considering the huge rates that are placed on the loans in Ghana, he has refused to take that risk.
He also went on to advise Ghanaian business operators to boycott banks that offer loan services so that they will be forced to reduce their loan rates.
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