Why We Must Step Out of The Shadow of Conventional Economic Thinking - If We Are To Successfully Reset Our Bankrupted National Economy

As wise and aspirational Africans in the AI era, determined to reset our bankrupted national economy successfully, we need to step out of the shadow of conventional economic thinking if we're to lift millions out of poverty, oooo, Ghanafuor.

The question to ponder is: Instead of loans, why don't we source transformative grants by inviting wealthy and compassionate individuals, such as Mackenzie Scott, the American billionaire and ex-wife of Amazon founder Jeff Bezos, to visit Ghana and get her foundation to put in seed money of USD 2 billion to enable banks across Ghana to fund entrepreneurs with loans pegged at 3%, for example, Ghanafuor?

No one who sets foot on our shores will fail to be impressed by the depth and range of the talent pool our beautiful and bountiful country is blessed with. No question. As currently structured and oriented, legacy banks can't be relied on to fund our nation's transformation without intervention.

The Development Bank of Ghana (DBG), for example, charges partner financial institutions 18.33%, and they add their margins for easy profits. This isn't a model for empowering micro-entrepreneurs to bootstrap their way out of poverty to financial independence, is it?

Our hard-of-hearing ruling elites must step out of conventional thinking if they're serious about lifting tens of millions out of poverty and transforming our country into a prosperous, equitable society, oooo, Ghanafuor. Yoooooooooo. A word to the wise...

#EconomicReform #PovertyReduction #Ghana #FinancialInclusion #InnovativeFunding