Entrepreneur Lashes At Banks

Isaac Acheampong, CEO of MECHAM Group

Isaac Acheampong, Chief Executive Officer (CEO) of Mecham Group of Companies, has bemoaned the high interest rates charged by most banks in the country.

“Some of the banks impose what I term high and ‘killer’ interest rates on loans young entrepreneurs secure from them to help expand their businesses, according to him.

Mr Acheampong therefore appealed to government to intervene so that the banks would reduce their interest rates to help small businesses to grow.

“Some financial institutions overly exploit young entrepreneurs, who want to build great businesses to reduce unemployment in the country to the extent that it puts them out of business.

“Most of these young entrepreneurs end up losing their wealth to these banks and financial institutions. Their high interest rates and other charges are slowly killing businesses in the country,” he declared.

According to him, government alone cannot provide jobs for the millions of Ghanaian youth who were jobless.

In this regard, Mr Acheampong was of the opinion that young businesses in the country should be supported by government to help provide employment for the jobless.

Speaking to some selected journalists, Mr Acheampong, stated that the government’s efforts to reduce corruption in the country would fail if banking institutions are also not critically monitored.

“If the government wants to kick out corruption in the country, the government must focus on banks and other financial institutions so as to help win the corruption fight,” he said.

From I.F. Joe Awuah Jnr., Kumasi