By Elizabeth Larkwor Baah, GNA
Tema, Aug. 1, GNA – The country needs a more specialized banking system to support all the sectors of the economy to thrive, Rev Dr Samuel Worlanyo Mensah, an economist has suggested.
“We need banks purposely for industrialization, agriculture, pharmaceutical, supporting the technical development, building local technology and others in a national development plan,” Rev. Dr. Mensah explained.
“Most of the local entrepreneurs and enterprises depend on the banks for startup capital and other financial assistance, hence, the need for the specialized banks to support each sector,” the economist cum cleric, who is also the Executive Director of the Centre for Greater Impact Africa, noted.
Rev. Dr. Mensah made the suggestion at the “End of Month Stakeholder Engagement and Workers Appreciation Day”, a seminar organized by the Ghana News Agency Tema Regional Office, a platform rolled out for state and non-state actors to address national issues.
The event also served as a motivational mechanism to recognize the editorial contribution of reporters toward national development in general and the growth and promotion of the Tema GNA as the industrial news hub.
He said the government needed to take steps to support industrialization and productivity by creating an enabling environment for the local people to be well established and be able to compete at the global market,”
Rev. Dr. Mensah lamented that all the banks were running the normal universal banking activities and most of such banks were not ready to help local entrepreneurs to stand on their feet.
He again said most of the small businesses have been left stranded because financial institutions that supported them had been dissolved.
Rev. Dr. Mensah called on the government to roll out a strategic plan to raise solid entrepreneurs who could support the economy.
GNA
