Create divisional banks to upscale Ghana’s economy – Stephen Atubiga

The founder and leader of the National Liberation Congress (NLC) party, Stephen Atubiga, has proposed the establishment of banks for each sector of Ghana’s economy to facilitate development.

The comment of the politician came on the back of the economic hardship the country has been experiencing, crippling businesses which are trying to stay afloat, resulting in the citizenry hitting the streets to demand improvement in their livelihoods.

Speaking on Angel FM’s Anopa Bofoↄ morning show, Mr Atubiga opined that the government runs the state as a business entity to be able to meet the exigencies of the growing population of over 30 million.

According to him, one of the ways forward is the establishment of sector banks to finance activities in the respective sectors of the economy.

“If you only think of paying the salaries of your appointees or civil servants and also do certain projects, it means everyone will starve.

“That is why some of us feel that they should create banks in the country. Singapore has a population of less than 10 million but they have 365 banks” he said in support of his argument adding that it means the country has among others, “communication banks so anybody including those who sell communication gadgets can go and take a loan.”

The former National Democratic Congress Communications Team member in his further submission expressed disappointment over the involvement of the Agriculture Development Bank (ADB) in other areas which are not agric-business related.

“How can, as a country [Ghana], Agric Development Bank be sponsoring contractors to build roads? No, it should be strictly agric. And Agric is broad. Their combine harvesters and what have you. So a contractor building house for farmers they can sponsor you. The banks for housing and construction should be strictly sponsoring contractors…”

“Government has no business in building low-income houses. It ends up to the politician,” the former flagbearer aspirant of the NDC added.