Report by Ben LARYEA
The First Deputy Governor of the Bank of Ghana, Dr.
Maxwell Opoku- Afari has called Ghanaians to scale
up savings in the bid to mobilise revenue
domestically for development needs of the country
than to resort to borrowing.
"The country in collaboration with stakeholders in the
financial sector must draw up an attractive savings
rate that can increase the culture of savings to reap
the revenue domestically than to borrow at a huge
market rate," he stressed.
He however urged players in the banking and the
financial sector to identify and address the
challenges of the country's poor savings culture
pointing out that with higher savings the much
needed revenue domestically can be achieved for
growth and development.
Dr. Maxwell Opoku – Afari was contributing to a panel
discussion on the side lines of the launch of the 2024
World Development Report by the World Bank
dubbed.
"The Middle Income Trap" presented by Mr. Indermit
Gill, Senior Vice President and Chief Economist in
Accra.
Borrowing he said, does not make much impact on
country's development hence domestic revenue
mobilisation must be rigorously be intensified by
rolling out sound policy and rates for savings to
entice people to save.
He said the country's saving rate is quiet low
compared to other middle income countries saying
Ghana is under 10 percent while investments needs
of the country is enormous therefore policies and
initiatives be widely introduce to enhance domestic
revenue mobilisation for developmental needs.
Dr. Opoku- Afari further called for policies and
initiatives to build the capacities of the youth to
enable them acquire the requisite skills to be abreast
with the emerging trends and opportunities in the
World of Works (WoWs).
For her part, Madam Mavis Owusu- Gyamfi,
President and Chief Executive Officer( CEO) Centre
for Economic Transformation said the country have
witnessed Economic Challenges since it attained it's
middle income status and mentioned productivity,
economic diversification export
competitiveness as structural transformation pillars to
support the economy.
She therefore urged governments to invest heavily in
agriculture, tourism and cotton production as part of
the effort to boast the economy for rapid growth and
development.
In a presentation, Chief Economist of the World Bank
Group and Senior Vice President for Development
Economics, Indermit Gill said growth in middle
income countries continue to be different and
requires various growth strategies, adding that such
countries are struck in that band between 10 and
20% of US incomes.
