Zimbabwe’s rate of 35 per cent, Sierra Leone’s 16.5 per cent, Ghana’s 16 per cent, Angola’s 15.5 per cent and Sudan’s 15.4 per cent.
Fatoba Olusola , in his motion titled “Need to Investigate Banks’ Lending Practices, Protect Borrowers from Exploitative Interest Rates and Promote Economic Development”, led this debate. “When lending is at a high interest rate, profits in the manufacturing process are eroded which makes it difficult or unattractive for manufacturers to continue in business,” he said.
“When interest rates are high, investors and banks are often willing to invest in government securities which pay high returns, a phenomenon known as crowding out, as high interest rates on government securities draw investments away from other areas of the economy.”
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