Call Banks to Order, IEA Urges Parliament.

Byline: Irene J Mensah

A senior economist of the Institute of Economic Affairs (IEA), Dr John Kwakye has accused banks of failing to whip up public interest in savings in the country and has therefore called on Parliament to call them to order.

He said banks operating in the country are rather making so much profit by paying very low interest on savings whilst charging exorbitant interest on loans given customers. ?Ask them to explain why the spread is so wide,? he demanded.

Dr. Kwakye was speaking at a roundtable discussion organized by IEA in collaboration with the Center for International Private Enterprise (CIPE) in Accra, last Thursday. The theme for the discussion was ?Developing a Framework/Policy for the Private Sector in Ghana.?

According to Dr. Kwakye, high interest rates do not encourage economic growth and …