“Interest Rate On Borrowed Monies Are 0 or -%”- Mr.Tussey

“Interest Rate On Borrowed Monies Are 0 or -%”- Mr.Tussey

- in Business

Employers and employees of some small businesses have expressed their sentiments about how business is thriving under the economy of Ghana.

They expressed these sentiments through interactions with GIJ ONLINE NEWS, stating the facts that factors such as Inflation, Deflation, High taxes and High interest rates on bank loans are responsible for business not thriving well under the economy of Ghana.

Interacting with gijonlinenews.com, a forex trading analyst of Chris -Rich consult, Mr. Richard Newton –Tussey said, “reading financial reports in Ghana and worldwide, i noticed some few countries like Japan, America the United Kingdom, the interest rates they put on borrowed monies are zero or negative as compared to Ghana where either 10% or 8% are added. And this makes it difficult for small industries to thrive under that sense”.

“Generally, as being optimistic about the economy of Ghana, since we don’t even have any report to be able to predict how the economy will be in the future, I doubt whether the economy can be a better one” he stated.

Mr. Emmanuel Mensah, an employee of Rightway Financial Services, speaking to gijonlinenews.com said, “to be frank, I am not comfortable with the economy of Ghana because, as a microfinance company, we borrow huge sum of monies from the banks with high interests on them. In issuing out these monies to our customers, they complain that our interest charges are high, this has made customers not to be able to come for large amounts of our loans because they fear they can’t pay back, thus, we are losing huge amounts of money”.

He added that, “High taxes, Inflation and Deflation are factors that are not encouraging their business to thrive well. In Ghana, the cost of goods and services are higher in demand and price, and if it happens that way, it leads to armed robbery, bribery and corruption”.

Interviewing Mr. Ayiku Tettey, a businessman who deals in the buying and selling of processed woods, he said he is optimistic about the economy of Ghana because, for him, the state of the economy is not encouraging him to borrow, and that the change in government has brought about the stability of the economy.

 “If the stability of the economy continues, small scale businesses will be able to grow and develop”, he concluded.

Story by; Pobee Michael Nii Tackie (L 300 JN B).

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