Former Chief Executive Officer of the Bulk Oil Storage and Transportation Company Limited (BOST) Kwame Awuah-Darko has said the next government of the National Democratic Congress (NDC) will focus on building institutions that finance Ghanaian owned businesses.
Speaking to Citi TV monitored by Talksafrica.com he said the future NDC government will address issues concerning the banking crises and promote Ghanaian owned businesses.
“Page 30F of our manifesto talks about the banking crises which have affected the Ghanaian banks within the Small and Medium Enterprise(SME) space that lends to Ghanaians. So if you were a Ghanaian businessman or woman before compared to being a Ghanaian businessman or woman today, there’s a huge difference in terms of your opportunity to access capital and you can see that in the drop in volume of the business activities at the ports. And it started way back in 2018, it is not a function of COVID-19″he said
He also added that“The small Ghanaian middle class played with the indigenous Ghanaian banks because the multinational banks lend to foreigners and not Ghanaians. Though obviously it is Ghanaian deposits they used to lend to foreign companies. That’s one of the features of the economy. Because apart from your capital, the deposits are what you use to do business. So you have a situation today where NDC has recognized that Micro Finance Institutions(MFIs), Savings and Loans(SLs), indigenous banks have been pushed out of the system. And therefore the average Ghanaian is struggling to access capital”
Paa Kweku Eshun Talksafrica.com