Renowned broadcast journalist Bernard Avle has expressed profound concern for the individual set to inherit the responsibility of managing Ghana’s economy.
The journalist outlined several challenges during his appearance on the Citi Breakfast Show on November 23, 2023, with a particular focus on the unfavorable interest rates that impact the nation’s global competitiveness.
He underscored the disadvantage Ghana faces compared to other global markets due to its high interest rates, citing examples from various countries.
Avle voiced his empathy for whoever takes on the economic leadership, given the substantial challenges, especially with interest rates as high as 30%.
“Whoever takes over the economy, I pity them because there are a lot of challenges. I mean, look at the finances; I gave you interest rates of eight countries, the central bank’s main lending rate. Countries are doing 8, 14; Nigeria’s 19 is almost unheard of. You are doing 30 comfortably; how do you do any business with 30% interest? It doesn’t make sense.”
Despite a decrease in inflation, Avle highlighted that high interest rates continue to impede access to finance, causing institutions and individuals to shy away from seeking loans.
He cautioned against the potential foreign control of local producers if the financial strain from exorbitant interest rates persists.
“People are not even going to the financial institutions for loans; they can’t pay. Most people who start their own companies are avoiding debts because they can’t pay for it,” he warned that failure to address this financial predicament could lead to foreign entities taking control of local producers.
“Most of the private sector does not invest in the country. It just benefits the people who own the companies, and most of them are not even invested here. We need to crack that issue.”
Avle also raised concerns about the limited local benefits derived from the private sector, emphasizing the need to address this issue. As Ghana confronts economic challenges, political party flagbearers from the NPP and NDC have pledged to improve the country’s fortunes in the upcoming 2024 elections.