International auditing firm, Deloitte Ghana, has urged the government to cut down on securing loans from foreign avenues, to stabilise the Monetary Policy Rate.
This comes after the Central Bank lowered its Monetary Policy Rate from 29% to 27% during the 120th Monetary Policy Committee, to reduce interest rates and ease the burden on borrowers.
Addressing the press on behalf of the Country’s Managing Partner at Deloitte Ghana, at the launch of the First Ghana CEO Presidential Manifesto Gala Dinner, lead tax partner at Deloitte Ghana, George Ankomah tasked the Government to explore local means within the economy to substitute the borrowing from foreign avenues.
“The reduction of the policy rate is always good but for me, I think what is important now is for us to stabilise, is also for the government to look at its appetite for foreign loans.
“I believe that we focus on other areas within the economy to reduce our appetite for foreign loans and, for that matter, whenever we need to pay out in terms of interest and debt repayment. That gives us a certain comfort in the economy in terms of the exchange rate. Given that policy rate going down businesses will be able to borrow and be able to run their businesses,” he stated.
