The Chief Executive Officer (CEO) of Monfant Banks International Consulting Group, Dr. Jerry Monfant has expressed sadness over the viability of Ghana’s economic policies.
He believes Ghana’s economic policy direction is appalling and instant reforms will save the country from indebtedness.
According to him, the monetary policy of Ghana is handled by the Bank of Ghana, and across the world, this monetary and physical policy is used to revive a country’s economy.
He made this assertion on the Happy Morning Show (#HappyHMS) aired on e.TV Ghana and Happy 98.9FM. “Unfortunately the developing countries especially Ghana seem to use the physical policy in doing everything,” he told Sefah-Danquah who sat in for Samuel Eshun.
He added that the country is making a mistake by going for loans when we want our venture capital to develop. “Why would we need a loan to do this when we say we want to grow the development bank? What is the central bank doing? Why do we have a currency of our own?” .
He revealed that the government takes loans from the foreign bank in dollars to buy cocoa from our farmers in Ghana cedis and payback to these foreign banks in dollars with an interest rate in the exchange rate. “Are we enriching the foreign banks or we are developing our own condition back at home?”
He bemoaned that until Ghanaians reform the economic policies, our poor entrepreneurship, and the unemployment rate will continue to rise. “Our situation will get worse and we will become poorer.”
By: Louisa Antiede Tetteh
