• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, October 22, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

GUTA calls for control systems for banks to comply with policy rates cut

M.Cby M.C
June 1, 2021
Reading Time: 3 mins read
M.Cby M.C
in Vaultz Business
0
President of the Ghana Union Traders Association (GUTA), Dr Joseph Obeng, has expressed the need for government the Ghana Revenue Authority to avoid non-discriminatory taxing of businesses and ensure uniformity.

President of the Ghana Union of Traders Association, Dr. Joseph Obeng.

President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has called on government to institute some control mechanisms for banks to comply with the reduction in the monetary policy rate.

According to him, the regulatory control will ensure banks comply with the reduction of the policy rate of 13.5%.

“We will plead with the Bank of Ghana or the government itself to find some control systems that will necessarily push the commercial banks to do what they have to do”.

Commenting on the time-span for most banks to re-adjust their pricing due to non-performing loans being high, Dr. Obeng revealed that it behoves on the banks to exercise diligence in rectifying the situation.

RelatedPosts

MobileMoney LTD Leads a Collaborative Effort Among Fintech Ecosystem Players to Harness Digital Credit and Asset Regulation

Ghana’s Textile Policy Faces Old Structural Hurdles, IMANI Warns

Trade Minister Champions Investment and Digital Focus at UNCTAD XVI, Geneva 

“That’s an excuse that we’ll never buy, the onus lies on the banks to do their necessary due diligences. The fact that someone is not paying his loans does not mean that it should be shared with the person who is paying legitimately. This is not fair; this is never done anywhere. The person who is paying his loans should be rewarded also, and the one that is not paying should be punished. If you lump it together and say that because people do not pay their loans, they are bad loans and all that, that’s why we have to spread the rates evenly.

“I can even smell some sort of cartel because you see in the world of competition, the race will vary from one to the other but, they’re almost all hovering around the same rate which is quite suspicious. So, when the rate is down, then of course, we are expecting that the lending rates [and] the commercial rates should also follow suit”.

Stakeholders commend policy rate

Meanwhile, the Chief executive officer of the Private Enterprise Federation (PEF), Nana Osei Bonsu has commended the reduction of the policy rate.

“Well, it’s in the right direction because the policy rate is supposed to dictate the lending rate by the various lending institutions. But the policy rate has some skewed element in it that should not be there”.

Prior to this, Nana Otuo Acheampong, a banking consultant described as unexpected the Central bank’s reduced policy rate to 13.5%. According to him, this poses as great news for Ghanaians.

Mr. Acheampong further revealed that although the reduction came in the midst of the pandemic, he’s hopeful of the private sector receiving “more” loans from banks.

ADVERTISEMENT

The current policy rate is expected to impact on the cost of credit in the next two months and stimulate economic growth.

Reduce policy rate

In December last year, the GUTA President called on government to reduce the policy rate for its members. According to him, businesses were hugely affected by the Covid-19 pandemic, prompting government’s intervention.

“The exchange rate is very stable but what we want the government to consider doing for us is reducing the interest because most of our members are solely dependent on bank loans”.

Dr Obeng revealed that, the rate at which GUTA members applied for the Covid-19 stimulus package clearly indicates that most businessmen survive on bank loans.

He revealed that the National Board for Small Scale Industries Covid-19 stimulus package was oversubscribed, meaning, traders were interested in affordable credit facilities.

In light of this, he appealed to the government to facilitate a compelling mechanism that would allow the commercial banks to reduce their policy rate.

Read Also: GES expresses disappointment over Jane Naana’s WASSCE results comment

Tags: Bank of GhanaGhana NewsGUTAmonetary policy ratePEFPolicy rate
Please login to join discussion
Previous Post

BOG Governor Cautions Ghanaians against Trading Crypto-currency

Next Post

Set standard regulations for schools- Education watch

Subscription Form

Related Posts

MobileMoney LTD Leads a Collaborative Effort Among Fintech Ecosystem Players to Harness Digital Credit and Asset Regulation
Vaultz Business

MobileMoney LTD Leads a Collaborative Effort Among Fintech Ecosystem Players to Harness Digital Credit and Asset Regulation

October 21, 2025
Ghana’s Textile Policy Faces Old Structural Hurdles, IMANI Warns
Vaultz Business

Ghana’s Textile Policy Faces Old Structural Hurdles, IMANI Warns

October 21, 2025
Trade Minister Champions Investment and Digital Focus at UNCTAD XVI, Geneva 
Vaultz Business

Trade Minister Champions Investment and Digital Focus at UNCTAD XVI, Geneva 

October 20, 2025
Africa’s Digital Revolution Hinges on Cross-Border Interoperability – Telecom Chamber Boss Declares
Vaultz Business

Africa’s Digital Revolution Hinges on Cross-Border Interoperability – Telecom Chamber Boss Declares

October 20, 2025
Millions Lost to Mobile Money Scams as Cyber Fraud Skyrockets in Ghana — CSA Raises Alarm
Vaultz Business

Millions Lost to Mobile Money Scams as Cyber Fraud Skyrockets in Ghana — CSA Raises Alarm

October 19, 2025
IMANI Africa and ISSER to Present Groundbreaking Research on Ghana’s Digital Assets and Credit Guidelines at MTN MoMo’s Fintech Forum
Vaultz Business

IMANI Africa and ISSER to Present Groundbreaking Research on Ghana’s Digital Assets and Credit Guidelines at MTN MoMo’s Fintech Forum

October 14, 2025
Big Push: Mahama Cuts Sod for Several Road Construction in Volta Region
General News

Big Push: Mahama Cuts Sod for 73.6km Cape Coast–Takoradi Dual Carriageway, Pledges Rapid Completion 

by evansjrOctober 21, 2025
A member of a forensic team inspects a window believed to have been used in a robbery at the Louvre Museum in Paris, France, on October 19, 2025.
Europe

Louvre Heist Losses Estimated Around €88m

by Comfort AmpomaaOctober 21, 2025
Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout
Insurance

Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout

by M.COctober 21, 2025
Haruna Iddrisu Champions Collaboration, Advocates UDS Bill at Conference
General News

Minority Leader Condemns Dismissals and Erosion of Rule of Law As Parliament Resumes 

by Silas Kafui AssemOctober 21, 2025
Speaker Bagbin Swears in Two Members of Parliament
General News

Speaker Bagbin Swears in Two Members of Parliament

by Emmanuel Tibila BoasahOctober 21, 2025
24-Hour Economy Cost Underestimated, Sarkodie Bemoans
Economy

24-Hour Economy Cost Underestimated, Sarkodie Bemoans

by Michael Teye-Bio NaduteyOctober 21, 2025
Big Push: Mahama Cuts Sod for Several Road Construction in Volta Region
A member of a forensic team inspects a window believed to have been used in a robbery at the Louvre Museum in Paris, France, on October 19, 2025.
Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout
Haruna Iddrisu Champions Collaboration, Advocates UDS Bill at Conference
Speaker Bagbin Swears in Two Members of Parliament
24-Hour Economy Cost Underestimated, Sarkodie Bemoans

Recent News

Big Push: Mahama Cuts Sod for Several Road Construction in Volta Region

Big Push: Mahama Cuts Sod for 73.6km Cape Coast–Takoradi Dual Carriageway, Pledges Rapid Completion 

October 21, 2025
A member of a forensic team inspects a window believed to have been used in a robbery at the Louvre Museum in Paris, France, on October 19, 2025.

Louvre Heist Losses Estimated Around €88m

October 21, 2025
Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout

Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout

October 21, 2025
Haruna Iddrisu Champions Collaboration, Advocates UDS Bill at Conference

Minority Leader Condemns Dismissals and Erosion of Rule of Law As Parliament Resumes 

October 21, 2025
Speaker Bagbin Swears in Two Members of Parliament

Speaker Bagbin Swears in Two Members of Parliament

October 21, 2025
24-Hour Economy Cost Underestimated, Sarkodie Bemoans

24-Hour Economy Cost Underestimated, Sarkodie Bemoans

October 21, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address