Ghana bankers engage public on state of economyfrom MALISE OTOO in Accra, Ghana
ACCRA, (CAJ News) – THE Chartered Institute of Bankers (CIB) Ghana has held its maiden public forum here in Accra where captains of industry and commerce discussed the prevailing economic situation.
The event was held under the the theme, “Monetary Policy Stance and the National Budget: Implications for Businesses in 2015.”
In his welcome address, President of CIB Ghana, Clifford D Mettle (FCIB) said the institution was delighted to bring this forum to members and the general public to benefit.
“CIB is to develop fully the academic and professional potential of practitioners in the financial services sector and those seeking to be practitioners by a course of study in banking and financial services and thus the need to bring this forum to the public to educate them on what we do,” he stated.
Prof. Felix Ankomah Asante, Director Institute of Statistical, Social and Economic Research provided a lecture about the use monetary policies to enhance businesses in Ghana.
Asante explained that structural transformation would depend mainly on a National Development Planning Policy.
Similarly, there was another lecture by Emmanuel Asiedu Mante, former Deputy Governor, and Bank of Ghana, who discussed the regulations of the bank.
He noted that in the Bank of Ghana ACT, 10 percent cap on government borrowing from the bank was in the law but that cannot stop Bank of Ghana from borrowing to government.
“After all, government is the biggest spender in the economy and therefore needs these resources to provide infrastructure such as roads, electricity, water, housing and so on for the people,” he said.
He noted Ghana’s debt ratio to GDP had increased from about 30 percent in 2009 to 70 percent in 2014 and a further downgrading by US based rating firm Standard and Poor’s.
Ghana no longer borrows at concessional prices and therefore, has to pay higher in return due to its international rating as a middle income country.
There have been calls by some members of the society that perhaps the country have to go back to its former state as en emerging economy to continue to enjoy very good loans, foreign aid from the international community.
Ishmael Yamson, Former member of the National Planning Development Commission, former Unilever Ghana CEO, and member of the Council of State, said there were various levels to engage government.
“Examples are through parliamentarians and the private sector. Most politicians will think of themselves and their party before this country,” he said.
“We need to think long-term. Until we think long-term, we will get it wrong. Until we deal with the fundamental problem of putting those who can do the work, there’s no where we’ll be going,” he reiterated.
Dr Oteng-Gyasi, CEO of Tropical Cable Conductor Limited, in his closing remarks as chairman of the occasion projected a positive future for the banking sector.
“Based on the economy we are running in Ghana today, the Banking system will continue to grow, and there’s no way you’ll not make money as a bank,” he said.
– CAJ News
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