Citi Business News has gathered that financial institutions in Ghana have been hit hard by the election fever as investors are shying away from investing with the various financial institutions.
The financial institutions have therefore bemoaned the lack of investment opportunities derived from investors in the fourth quarter.
According to them, investment opportunities have slumped following the refusal of investors to invest for fear of the outcome of the upcoming general elections.
Chief Executive Officer of Ideal Finance Company Nii Kotei Dzani tells Citi Business News the situation has also affected the lending rate of the financial sector.
“As a financial institution, one thing that we always work with is liquidity; we must always have money with us so that we can invest. But when it’s an election year, you see that people are holding up their funds. They are not investing. Everybody wants to wait till after elections so we are unable to lend at the pace we will like to lend to the public.”
He however clarified that “I’m not saying we are not lending at all. I’m not saying we are not investing at all. But we are not investing at the place we wanted to and it comes with almost all election years.
Nii Kotei Dzani bemoans that this development is worrisome and Ghanaians must desist from such ideology and invest to promote the financial sectors.
“I’m sure that as a country we should move away from that. Election year should be like any other year but we keep on repeating the same thing and that is what worries me,” he concluded.
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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana