The Association of Ghana Industries (AGI) has told Citi Business News it is awaiting a feasibility report to set up the AGI Industrial Development Bank.
?The AGI as we?ve always been saying that we are very much concerned about the accessibility and affordability of credit in this country, that is why we have set for ourselves to come up with the AGI Industrial Development Bank.?
According to the AGI its members cannot continue to bear the high interest imposed on them by Banks and financial Institutions that provide them with credit.
Businesses operating in the country are charged interest rates between 35%-40% from Commercial Banks and between 60% – 80% from Microfinance Companies.
Speaking to Citi Business News President of AGI, James Asare Agyei said the feasibility report should be ready by the close of the year.
?We have made good progress, at the moment we are excepting our feasibility report which will then give us the opportunity to apply for the Banking licence and we know that other institutions are going to support us so in this process of getting an Industrial Development Bank in this country that will solely serve the industrial sectors of this country.?
NORVAN ACQUAH – HAYFORD
