Pulse.com.gh logo
Go


Banking In Ghana Invest in more risky ventures – Nana Addo to banks

President Akufo-Addo explained that one major challenge of the transformation agenda of the country is access to and cost of capital.

  • Published: , Refreshed:

President Nana Akufo-Addo has urged all banks operating in Ghana to invest and finance more risky ventures that can transform the Ghanaian economy.

The president made this call when he spoke at the last plenary session of the 2018 African Transformation Forum (ATF), 2nd Edition, organized by the African Center for Economic Transformation (ACET) at the Movenpick Ambassador Hotel.

He was part of a six-member panel moderated by BBC’s Sophie Ikenye. President Akufo-Addo explained that one major challenge of the transformation agenda of the country is access to and cost of capital.

READ ALSO: Mahama boys prevented me from meeting him – Fibre Optics Inventor

He added that this is because the banks in Ghana do not want to enter into any risky venture.

“In our own country, Ghana, the banks have in the last twenty or thirty years been very content at making lots of money by doing very passive things and not being particularly involved in the risk-taking that contributes to economic development and transformation,” the President said.

The President said this could be because of the current structure of Ghana’s financial and banking sector.

“The foreign-owned banks are the main players in our economy and they have their own goals which are not necessarily about the development of the country but about the profits that they make. It is ok, I don’t have any difficulties with people wanting to make money, but I do have a problem with making money in an environment whereby it is not making a significant contribution to the transformation of the economy.”

READ ALSO: Sir John awarded for role in fight against global warming and unemployment

“Policymaking that would promote indigenous banks in our country to grow and be strong and to take on the role of providing the financial well workshop for the transformation we are looking for. Without having banks that are ready to finance relatively risky ventures both in industrial and agricultural initiatives, it is going to be difficult in making the transition we are seeking,” the President added.

Meanwhile, the President of Rwanda, Paul Kagame said that there have been several discussions on the transformation of the African continent, however, it is now time to actually act on the many policies that have been developed.

He added that the vast resources, both natural and human available on the continent leave the continent with no excuse as to why we should not be able to transform Africa.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana, so...bullet
2 How to make money online Online jobs; how to make money on YouTube in...bullet
3 Donor Support World Bank injects $60m into Ghana’s energy, tourism...bullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Education Top 5 private high schools in Ghana according to WAECbullet
8 Menzgold Ghana Investment company closes down its Gold...bullet
9 Number 12 Panic withdrawals hit savings & loans company...bullet
10 Cost of Fuel IES predicts increase in fuel prices this...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Plane Crash Starbow suspends operations following plane crashbullet
3 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
4 Money Alert Meet Africa's richest womanbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Support Finance minister buys Kantanka carbullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business