In an insightful meeting held yesterday by key figures in Ghana’s financial sector, Dr. Kwabena Duffour (former Bank of Ghana Governor and former Minister of Finance), Prof. Dr. Frank Forbes -Menson, a former RBSNatWest Investment Banker turned Professor of Finance and a renowned Global Financial Consultant, shared critical insights and proposals aimed at addressing current pressing economic challenges facing the nation. The meeting included notable participants such as Mr. Kwabena Dufour Jnr (Managing Director-UniBank), Ms. Ivy Rose Akakpo (Administrator,UCC), and Mr. Eben A. Yelson (International PR, 360/ATL/BTL Marketing Professional. The meeting was focused on three major issues.
Over Dependency on IMF Programs
One of the primary concerns raised by Prof. Dr Forbes-Menson was Ghana’s heavy reliance on International Monetary Fund (IMF) programs and the accompanying draconian conditionalities. He expressed his disappointment over the current state of frustrations cum predicament among local banks regarding alternative financing strategies. To combat this dependency, Prof. Dr Forbes- Menson proposed the avalisation of global financial and money market instruments as a viable alternative for financing the national budget. He asserted that he will empower this initiative, with Accra designated as the main office and Kigali, Rwanda as an agency office of his proposed Africa Global Fund aimed mainly at providing and facilitating selected institutions, government projects and manufacturing SMEs nationwide.
Revamping the Ghana International Bank
Another pressing issue discussed was the current deteriorating operational status of the London UK-based Ghana International Bank. Prof. Dr Forbes-Menson expressed grave professional concern over GIBs perceived decline and emphasized the need for a comprehensive revitalization and resetting strategy. He highlighted that the decision to sell Regina House (which housed the GIB and its offices) was misguided and reiterated his readiness to assist anyone tasked with reorganizing the bank, which he considers a historically long serving strategic asset to be preserved rather than be subjected to seizure due to judgement debt to the Traffigura Group!This willingness to contribute reflects Prof. Dr Forbes-Menson’s dedication to enhancing Ghana’s banking sector and ensuring its stability and sustainability moving forwards.
Interest in the Institute of Fiscal Studies
In addition to these pressing matters, Prof. Dr Forbes-Menson expressed keen interest in contributing to the academic field by joining the newly established faculty of the Institute of Fiscal Studies. His interest underscores the importance of integrating academic perspectives with practical financial strategies to foster a more robust economic environment in Ghana. Dr. Duffour, on his part,emphasized his readiness as ever to revamp all deteriorating sectors of the economy that aims to secure a sustainable economic development.
Watch this space for further development on the self supporting AFRICA GLOBAL FUND!
The meeting highlighted significant challenges and opportunities within Ghana’s financial landscape, reducing dependency on external financial aid, revitalizing critical banking institutions, and engaging with academic bodies to represent a proactive approach to fostering economic resilience. As the discussions progress, it will be essential for stakeholders to engage with these ideas and work collaboratively towards a sustainable financial future for Ghana.
The insights reflect a deep understanding of the current economic climate but also a commitment to leveraging expertise for the betterment of the nation’s financial health. The next steps will be crucial in translating these discussions into actionable strategies that can make a tangible difference in Ghana’s economic landscape.
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