The Trader’s Advocacy Group, Ghana (TAGG) has called on government to create more industry specific banks and cease these banks from giving loans to persons not found in these industries.
TAGG believes such a drastic initiative is the only way to increase the exports of high quality products from Ghana, especially with regard to farm produce.
The Chairman of TAAG, David Amoateng in an interview said, “ADB must give loans to farmers only and not any other business person. ADB simply means Agricultural Development Bank and that indicates the bank should not give money to anyone to buy cars or houses. But it must only give money to farmers to purchase farming implements”.
According to him ADB is the only bank which readily gives loans to farmers and because the bank is now giving loans to others, it is not prioritizing the needs of farmers, affecting local production and increaing import of food products.
He applauded government for its work done so far to support trade and advised government to heed to TAGG’s advise, and increase the exportation of farm produce, hence revenue generation.
“The gov’t should also reduce interest rates to aid local business people”, he added.
President Akufo-Addo at his swearing in ceremony for the 2nd term promised to develop a robust economy and create more employment for the youth.
Portions of his speech read;
“Ghana remains one of the most attractive destinations on the continent for direct foreign investment. The presence of some of the world’s largest conglomerates in the country attests to this fact. Establishing a strong economy, undergoing a structural transformation with value-added activities which will generate jobs for our young people and enhance their living standards will be the main preoccupation of my second term,” Akufo-Addo said.
The President noted that his government will continue to roll out social interventions that will provide equal opportunity for development for all Ghanaians.
By: Joel Sanco