• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, June 7, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

We need an industrial bank- AGI

November 27, 2020
Angeller AshongbyAngeller Ashong
in Vaultz Business, Sub Top Stories1
0
We need an industrial bank- AGI

The Director of Business Development Services of Association of Ghana Industries (AGI), Johnson Opoku-Boateng, is urging government to expedite developments leading to the creation of an industrial bank.

According to him, the establishment of an industrial bank will invariably help the Association address the challenges of access to funding its members face.

“As l speak to you, we are still struggling with banks identifying projects that l think they should be able to support AGI with. As l speak, still we have business banks that are stuck because still in terms of risk assessment and so on and so forth they are not ready to give that amount of money for industry to thrive so that is a major problem”.

RelatedPosts

Ghana’s Economy Projected To Grow By 4.8% in 2025

Economist Proposes Taxation Of Banks To Stabilize Ghana’s Banking Industry

Pensioner Bondholders Awaits Government Decision On ‘Bond Buy Back’ Proposal

With the African Continental Free Trade Area (AfCFTA) imminent, Mr. Opoku-Boateng reckons it as an opportunity to leverage on banks for businesses to upgrade and expand.

“What the government has already said in the past, AGI wanted to come out with an industrial bank, fortunately, the government has said that, this is one of the plans that they intend to, so we are expecting the government to put together the industrial bank and when it is an industrial bank obviously then the policy and idea behind that will be to support industry. We are also envisaging as time goes on with the AfCFTA coming up, the banks will take the opportunity to actually give money to industries to actually upgrade and expand and for those who are having very credible products to be able to start their production.”

The AGI Chair for Ashanti, Bono and Ahafo regions, Gyamfua Owusu Achaw, speaking in an interview earlier this year, suggested such initiative will boost industrial growth and as such, needs strong financial backing for sustainability.

“From the AGI point of view, we really, really want an industrial bank… when you go to China they have the construction bank, they have the industrial bank…they have all that, so we need an industrial bank which will be concentrating only on industries”.

Meanwhile, the Vice President of the Association in charge of small scale businesses, Hamphrey Ayim-Darke has called for  a cut in the policy rate to a single digit, which he believes will enable SMEs compete fairly with their Sub-Saharan African counterparts when the African Continental Free Trade takes off in January next year.

“Building capacity is the most crucial issue. And therefore we urge the Governor [Dr. Ernest Addison] that regarding the financial reforms that had taken place recently, it is our wish to see the policy rate drop to a single digit so that we can compete fairly with our Francophone countries who are our neighbors. And that becomes the basis for cost of funding being reasonable for the SMEs to build on their capacity,” he noted.

 “We probably need to have patience to allow the system to consolidate itself and expect interest rate to go down consequently. I say so because if you look at the profile of policy rate over the last three years, we have consistently gone down on the policy rate till January this year when we stooped at 14.5%, and there are reasons why they have stayed there.

“You’re looking at the impact of the shock and the impact of the shock especially on the government’s finances and the budget. And I think that as we go into 2021, when the fiscal challenges are sort of moderated, one can expect the monetary policy rate to respond to those improvements,” he stated.

Tags: AGIIndustrial bankMSME

Related Posts

Ghana's Economy Projected To Grow By 4.8% in 2025
One Top Story

Ghana’s Economy Projected To Grow By 4.8% in 2025

June 7, 2023
Economist Proposes Taxation Of Banks To Stabilize The Banking Industry
Finance

Economist Proposes Taxation Of Banks To Stabilize Ghana’s Banking Industry

June 6, 2023
Pensioner Bondholders Awaits Government Decision On Fund Payment
Vaultz Business

Pensioner Bondholders Awaits Government Decision On ‘Bond Buy Back’ Proposal

June 6, 2023
Ghana's Fiscal Restructuring Gains Momentum As Primary Deficit Drops Against Q1 2023 Target
Economy

Ghana’s Fiscal Restructuring Gains Momentum As Primary Deficit Drops Against Q1 2023 Target

June 6, 2023
IMF Cautions Ghana To Bolster Its Financial Security Measures, Monitor Liquidity To Avoid Crisis
Finance

IMF Cautions Ghana To Bolster Its Financial Security Measures, Monitor Liquidity To Avoid Crisis

June 6, 2023
Dr. Nkumbaan Describes IMF Agreement As A Threat To Workers Standard Of Living
Vaultz Business

Dr. Nkumbaan Describes IMF Agreement As A Threat To Workers Standard Of Living

June 5, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Diego Maradona buried in private ceremony at Buenos Aires

Next Post

Investor Alleges Bribe Demand From Ten Government Officials

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
The Ekiti, Nigeria Boy That Generates Electricity From Stone
Oddities

The Ekiti, Nigeria Boy That Generates Electricity From Stone

by Esther Korantemaa OffeiJune 7, 2023
Duker Calls on Stakeholders to Support Enactment of Mineral Revenue Management Act
Uncategorized

Duker Calls on Stakeholders to Support Enactment of Mineral Revenue Management Act

by Stephen M.CJune 7, 2023
Jeddah Hosts Antony Blinken
Around the Globe

Jeddah Hosts Antony Blinken

by Sampson AnnorJune 7, 2023
Suame Interchange Will Commence In August– Director For Urban Roads
General News

Suame Interchange Will Commence In August– Director For Urban Roads

by Samuel Y. OtibuJune 7, 2023
Director for Elections and Research for the New Patriotic Party (NPP), Evans Nimako, has intimated that the report from the Economist Intelligence Unit (EIU) on election 2024, is not the final decision of Ghanaians.
General News

We Are Set To Go, NPP Is Looking Forward To Annexing Assin North Seat- Nimako

by Angeller AshongJune 7, 2023
Africa Has Technology and Innovation to Achieve Zero Hunger– Dr Adesina
Africa

Africa Has Technology and Innovation to Achieve Zero Hunger– Dr Adesina

by Stephen M.CJune 7, 2023
The Ekiti, Nigeria Boy That Generates Electricity From Stone
Duker Calls on Stakeholders to Support Enactment of Mineral Revenue Management Act
Jeddah Hosts Antony Blinken
Suame Interchange Will Commence In August– Director For Urban Roads
Director for Elections and Research for the New Patriotic Party (NPP), Evans Nimako, has intimated that the report from the Economist Intelligence Unit (EIU) on election 2024, is not the final decision of Ghanaians.
Africa Has Technology and Innovation to Achieve Zero Hunger– Dr Adesina
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In