As part of efforts to mitigate the financial impact of Coronavirus on the government and the people of Ghana, the Ghana Association of Bankers (GAB) has contributed Two million Ghana cedis (GHc2M) to the Ghana COVID-19 Private Sector Fund.
The donation was in addition to the announcement of a two percent cut on cedi denominated loans to its customers as part of measures being taken to mitigate the financial impact of the deadly coronavirus on the private sector.
In a statement, the Ghana Association of Bankers said the banks have agreed “to a general 200 basis points interest rate cut on all existing local currency-denominated loans and for all new loans to be sanctioned by member banks”.
This means customers who either have existing loans or applying for new loans will enjoy a two percent cut on the prevailing interest rate of the various banks.
The GHc2m donation which was presented on Friday, April 17, 2020, to the Ghana COVID-19 Private Sector Fund by the Ghana Association of Bankers was an addition to its interventions to mitigate the financial impact of COVID-19 in Ghana.
President Akufo-Addo on Friday, April 17, 2020, cut the sod for the construction of a 100-bed COVID-19 Infectious Disease and Isolation Facility located at the Ga East Municipality Hospital in the Greater Accra Region.
The project has been estimated to cost USD3.5m.
Ghana Association of Bankers has among other things, set up a GHS10 million COVID-19 Response Fund; provide food to a segment of the Headporters (Kayayei) within the Accra metropolis and negotiate with the Bank of Ghana, Ministry of Finance and member banks to set up gross loans up to GHD3 billion to pharmaceutical companies in the country”.
The Ghana Association of Bankers is the country’s leading mouthpiece for the universal banking sector, currently representing the interests of 23- member banks, as well as the ARB Apex Bank, the umbrella bank for the Rural & Community Banks in Ghana.