Deputy Governor of the Bank of Ghana, Elsie Awadzie, has disclosed that over GH¢3 billion has been advanced to businesses by commercial banks following the lifting of coronavirus restrictions.
Speaking at a webinar organised by the University of Ghana Business School (UGBS), the Deputy Governor of the central bank said the recent measures announced by her outfit influenced the huge amount loaned to businesses.
“By virtue of the fact that we reduced our policy rate, which is the benchmark, then all the banks also had to necessarily have to reduce their lending rate,” she stated.
“So looking at the fact that they cut their policy rate by 150 basis point, it was just right that the banks responded,” she added.
The seminar was on the topic, ‘Sustainable and Responsible Investments on the Road to post-COVID.’
It is part of a series of events that engages industry persons on topical business and national issues.