A more specialized banking system would transform the country

Ghana needs more specialized banks to drive the nation’s development agenda, said Reverend Dr Samuel Worlanyo Mensah, an economist.

Reverend Dr Mensah, Executive Director of the Center for Greater Impact Africa, said most local entrepreneurs and businesses depend on banks for start-up capital and other financial assistance, hence the need for specialist banks to support each sector.

He also urged the government to step up measures to support industrialization and productivity by creating an enabling environment for local people to be well-established and able to compete in the global market.

Rev. Dr. Mensah told the Ghana News Agency Tema Regional Office Conference Hall Dialogue Platform.

The GNA Tema Industrial News Hub Boardroom Dialogue is a media think tank platform for state and non-state and commercial and commercial operators to communicate with the world and address global issues with Ghanaian expertise.

Rev. Dr. Mensah lamented that most banks in the country are doing normal universal banking business and most are not ready to help local entrepreneurs stand up.

He said again that most small businesses were stuck because the financial institutions supporting them had dissolved.

He said the absence of a strong national development plan module to develop the country has contributed to the economic crisis the country is going through recently despite COVID-19 and the announced Russian-Ukrainian war.

He said that the government must plan so that in the next ten to 15 years it develops strong entrepreneurs who can support the economy, reiterated that the cleaning up exercise in the banking and financial sector was commendable to the time it was undertaken but unfortunately the COVID -19 pandemic had revealed that the decision was not economically motivated.

Mr. Francis Ameyibor, Tema Regional Director of the Ghana News Agency, reiterated that the media landscape is undergoing rapid transformation and the old system of institutions holding face-to-face events in a large conference hall is disappearing.

He said, “From now on, don’t expect more invitations to headquartered events, newsroom managers need to embrace new ways of collecting and disseminating news.”

Mr. Ameyibor said: “Due to the global transformation of communication and information, state and non-state institutions that organize conferences, meetings, seminars and invite journalists to cover are rapidly resorting to the use Zoom, Skype and other web platforms for meetings.

“Now that web-based meetings have become enduring and the old system of organizing a large conference is dead and gone, media professionals should no longer seek to focus on events.”

Mr. Ameyibor said GNA-Tema has moved forward to put in place parameters to engage strategic stakeholders consistently to set the stage to be more active and profitable for the company.

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