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I pity whoever will take over Ghana's economy - Bernard Avle

Renowned broadcast journalist, Bernard Avle, has expressed deep concern for the individual who will inherit the reins of Ghana's economy.

Bernard Avle

Avle highlighted various challenges, particularly focusing on the unfavorable interest rates affecting the nation's competitiveness in the global market.

Speaking on his morning show, Citi Breakfast Show on November 23, 2023, Avle pointed out that Ghana's interest rates place the country at a disadvantage when compared to other global markets.

"Whoever takes over the economy, I pity them because there are a lot of challenges. I mean, look at the finances; I gave you interest rates of eight countries, the central bank's main lending rate. Countries are doing 8, 14; Nigeria's 19 is almost unheard of. You are doing 30 comfortably; how do you do any business with 30% interest? It doesn't make sense."

He emphasized that despite a decrease in inflation, interest rates remain high, directly impacting access to finance. Avle noted the reluctance of institutions and individuals to seek loans due to the financial strain posed by the exorbitant interest rates.

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"People are not even going to the financial institutions for loans; they can't pay. Most people who start their own companies are avoiding debts because they can't pay for it," he warned that failure to address this financial predicament could lead to foreign entities taking control of local producers.

Avle further raised concerns about the limited local benefit derived from the private sector, stating, "Most of the private sector does not invest in the country. It just benefits the people who own the companies, and most of them are not even invested here. We need to crack that issue."

As Ghana grapples with these economic challenges, flagbearers of the leading political parties in Ghana, the New Patriotic Party (NPP) and National Democratic Congress (NDC), have promised to turn the fortunes of the country as the 2024 elections loom.

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