Digitization could help de-risk the business atmosphere, reduce interest rates on financial loans – Dr . Boako

The particular gradual digitization of the Ghanaian economy could help lower dangers in the business environment, as well as assist, reduce the interest rate on industrial loans in the country, Dr . Gideon Boako, spokesperson for Vice President Dr . Mahamudu Bawumia has said. In the last few years from the New Patriotic Party (NPP) led administration in the country, there is concerted efforts aimed at digitizing the economu which based on President Nana Addo Dankwa Akufo-Addo and his Vice Doctor Mahamudu Bawumia will help the nation immensely. Some digitization techniques introduced in the country include; the particular Tax Identification Number (TIN number), the GPS Tackle System, the paperless techniques at the ports, the Ghana Card among other revolutionary ideas. However , speaking upon Kumasi-based Hello FM, Doctor Gideon Boako reiterated the fact that digitations systems put in place with the NPP government will develop borrower confidence with the banking institutions which will gradually reduce rate of interest on commercial loans. “With the advent of the digitization, banks are going to have confidence within the borrowers since they are confident of having the borrower with his or even details available to them”, Doctor Gideon Boako said. He or she explained that, before banking institutions can release a loan at a reduce interest rate, there must be borrower self-confidence and if that does not exist when it comes to Ghana, then it has to enhance interest of whatever cash the borrower takes. Based on him, these banks do this in case the borrower will not pay the debt in full, a minimum of they can rely on the little he’s already paid to settle the particular loan. “After realizing each one of these, we became conscious of the truth that, borrower traceability and customer identity was key therefore the introduction of digital address system”, he explained. Source: MyNewsGH. com / Syxtus Eshun / 2021
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