President Nana Addo Dankwa Akufo-Addo has made an appeal to banks and other financial institutions to boost capital investment in Ghana’s private sector. He stressed the need for a shift in the current low lending levels to the private sector, which he said are among the lowest in West Africa.
During his address at the presidential breakfast meeting on Agriculture and Agribusiness financing in Accra, the President expressed concern over the poor credit culture in the country.
He stated, “The poor credit culture is something that we need to look at very seriously in Ghana.
To hear the statement that the level of credit that has come from our financial system to our private sector is one of the lowest in West Africa is also a very disturbing phenomenon. We are lower than Senegal, Cote d’Ivoire, and others.”
President Akufo-Addo pointed out that Ghana’s economy is the second largest in West Africa, despite facing multiple challenges. He emphasized, “All of this is against the background that we are still the second biggest economy in West Africa.
Even with that situation, if the amount of money that goes from the banks to the private sector is the lowest in West Africa, my mind boggles at the transformation it would bring to our GDP growth if these figures were to rise.”
The President’s call underscores the importance of channeling financial resources to the private sector to stimulate economic growth and development in Ghana.
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