Former New Patriotic Party (NPP) member, Alan Kyerematen, has outlined his commitment to significantly reduce interest rates on loans to 10% or even lower if elected president in the upcoming 2024 election.
This move, he believes, will be instrumental in fostering the growth of businesses across the country.
In an interview on Opemsuo Radio’s Nkwantannanso with Kofi Boakye on October 3, he highlighted the prevailing high interest rates, which currently hover around 35%, as a major obstacle to business expansion and development.
“Now when you go for a loan at the bank, interest rate is around 35%, which business can you do with this? We have put in plans to reduce that to 10% or below. These plans are all part of the Great Transformational Plan.”
In addition to addressing high interest rates, Alan also discussed the ongoing challenges faced by traders due to the depreciation of the cedi. He stressed that currency instability adversely affects businesses engaged in importation, leading to financial losses.
Alan proposed solution lies in a strategic focus on exports and domestic production.
“Ghana, if we do more exports and production, the dollars in the system will increase. We reduce the imports, we wouldn’t need foreign exchange to import, and when export increases, foreign exchange increases,” he explained.
He further pointed out that when the cedi depreciates, it leads to an increase in the cost of duties on imported goods.
“This is our plan, if the market rate is GHC10 to a dollar, when you import, we can fix the the exchange rate at the port at GHC8.”
These policy proposals are part of Kyerematen’s vision for the country under his leadership, as he seeks to address key economic issues and drive sustainable development.
Former Minister for Trade and Industry, Alan Kwadwo Kyerematen, lastweek announced his bid to contest Ghana’s presidential seat in the 2024 General Election as an independent candidate.
Story by Adwoa S. Danso