Renowned broadcast journalist Bernard Avle has voiced his serious concerns about the person who will take over as Ghana’s economic leader.
Bernard Avle outlined a number of difficulties, concentrating in particular on how the country’s competitiveness in the international market is impacted by negative interest rates.
On November 23, 2023, Bernard Avle made the observation that Ghana’s interest rates put the nation at a disadvantage in comparison to other international markets while speaking on his morning program, Citi Breakfast Show.
“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.”
He stressed that interest rates are still high, which has an immediate effect on financing accessibility even in the face of declining inflation. Avle observed that because of the burdensome interest rates, both individuals and institutions were reluctant to apply for loans.
“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 issued a warning that if this financial situation is not resolved, foreign companies may seize control of domestic producers.
Bernard Avle expressed additional apprehension regarding the restricted local advantage obtained from the private sector, declaring, “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.”
The leaders of Ghana’s two main political parties, the National Democratic Congress (NDC) and the New Patriotic Party (NPP), have pledged to turn the nation’s fortunes as the 2024 elections draw near while the country struggles with these economic difficulties.
