Modern Ghana logo

FEATURED: Can We Blame Religion For Africa’s Economic Woes?...

29.04.2019 Opinion

Let's Support Our Own

Paa Kow Ackon

It is impossible to dismiss as trite that smart development builds on a country's own skills, resources and local businesses.

The shocking part is that dumb growth invites a big multiplayer in, surrenders control and profits to a distant headquarters, undercuts local manufacturers, and risks layoffs without warning.

The question is: are we truly happy that there are no TRULY PRIVATE indigenous banks left in Ghana after the so-called reform of the banking sector?

Just reflect on this: we have Nigerian banks, South African banks, a French bank and State-affiliated Ghanaian banks like GCB, Fidelity, ADB, Prudential, UMB, NIB, Omni, CalBank and Consolidated bank, all of which have significant direct gov't of Ghana or SSNIT ownership.

Meanwhile, indigenous banks help local entrepreneurs to gain access to capital which also contributes to the economic development of Ghana. Not to talk of how they inculcate the habit of banking in rural people and other low income groups.

If so, why is it that we don’t want our own entrepreneurs to succeed and, yet we are excited celebrating non-Ghanaians like Mo Ibrahim, Dankote and others? What makes us think we cannot produce a million of these people we consider as our heroes? Why do we love foreigners more than our own citizens? Which country has succeeded with foreign and state agency-owned banking and financial institutions? If there is any country in the World, i would be more than glad to know.

BY Paa Kow Ackon
PPP Communication Director

Disclaimer: "The views/contents expressed in this article are the sole responsibility of the author(s) and do not neccessarily reflect those of Modern Ghana. Modern Ghana will not be responsible or liable for any inaccurate or incorrect statements contained in this article."