Borrowing not sustainable way of development – Deputy BoG Governor

Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, emphasized the need for policies that encourage savings and investment, labeling borrowing as an "unsustainable" development strategy.

Speaking at a World Bank event in Accra, he highlighted that Ghana's savings rate is below 10%, necessitating a focus on domestic revenue mobilization to bridge the savings and investment gap.

He called for a national dialogue to address stagnant savings and urged for skills training for the youth to enhance economic development.

Mavis Owusu-Gyamfi from ACET noted that Ghana has regressed in key areas of structural transformation since achieving lower-middle-income status and urged targeted support for sectors like agriculture and tourism to drive growth.