Commercial banks in Ghana are expected to reduce interest rates by some 2%, effective April 1st 2020.
President Nana Akufo-Addo, whilst delivering his four address to the nation since the outbreak of the novel coronavirus in Ghana said:
“We are providing additional relief, such as the extension of the tax filing date from April to June; a two per cent (2%) reduction of interest rates by banks, effective 1st April 2020; the granting by the banks of a six (6) month moratorium of principal repayments to entities in the airline and hospitality industries, i.e. hotels, restaurants, car rentals, food vendors, taxis, and uber operators.”
He added, “All other sector credit exposures will be reviewed on a case by case basis; mobile money users can send up to one hundred cedis (GH¢100) for free, and a one hundred per cent (100%) to three hundred per cent (300%) increase in the daily transaction limits for mobile money transactions.”
