Businesses Are Collapsing Daily Because Of The High Interest Rate In The Country, Kennedy Agyapong Declares.

The business tycoon and MP for Assin Centra, Kennedy Ohene Agyapong said the incumbent NPP administration should take a second look at interest rates in the country because it’s the main reason why some indigenous businesses are collapsing, during an interview he had with Ghanaweb.

To the Assin Central legislator, this is a clear indictment on a government which aims at creating more jobs in the country.

“Because of high interest rates, we’re not able to establish businesses and expand them to create jobs. You only get foreigners who come in with low interest rates…and have taken over all big companies with exception of what the government itself is running” Agyapong told GhanaWeb in an exclusive interview.

“If you want to build an economy, you should build individuals. Those individuals you build should own the big businesses so that they can employ majority of the unemployed youths,” the MP added. “So, Ghanaians are not able to expand their businesses and the banks take over their business…how can you build a nation like that?”

Kennedy Agyapong then appealed to the governor of bank of Ghana as well as the ruling government to reduce interest rates.

“I have heard the President talking about industrialization, fantastic, but before we can do this, we should tackle the interest rate,” he indicated.

He stressed that the 26% interest rate is too high. “We can’t compete with those coming in with Interest rates of 2% or 5%. So if you want to develop this country, they have to reduce the interest rate, it is too high .”