Dr. Kofi Amoah proposes solution to excessive borrowing

Ghanaian Business Mogul, Dr. Kofi Amoah, has said that Ghana can end excessive borrowing by creating employment opportunities for its youth.

The businessman who has been pushing government to stop excessive borrowing shared that Ghana has been blessed with fertile lands and young men and women who are willing to work.

However, if we fail to take advantage of these provisions and continue to rely on loans and imports, our country will never develop.

In an interview with Happy FM’s Don Prah on the ‘Epa Hoa Daben’ show, he advised: “We need to create jobs for the young men and women who are seeking for jobs. The government must invest in creating jobs and if these jobs are created, we can grow the things we import and export the excesses. If our exports are more, we can pay for the things we need to avoid borrowing so that Ghana can have a robust economy”.

President of the World Bank, David Malpass, has cautioned that the country’s future generations are at risk if excessive borrowing does not cease.

He said there is a need for the government of Ghana to re-focus on fixing the country’s rising debt stock which has ballooned over the years.

The Ministry of Finance and the European Investment Bank have signed an agreement for the provision of a one hundred- and seventy-million-euro (€170 million) facility for the establishment of a new national bank, the Development Bank Ghana (DBG).

The €170 million facility, according to President of the European Investment Bank, Dr. Werner, is the largest facility provided by the European Investment Bank for the establishment of a development bank in Africa or for any other project, for that matter, on the continent.