A manifesto spokesperson on Trade, Industry and State Enterprises, for the National Democratic Congress (NDC), Kwame Awuah-Darko, says if voted into power in December 2020, the party will set up Regional Development banks to harness economic opportunities.
In an interview on Voters’ Diary, he identified financing as a missing ingredient in Ghana’s trade and Industry sector.
“When it comes to Trade and Industry, one thing that we believe is missing is financing. We intend to put up development financial institutions and Regional development backs across the country to focus on harnessing the commercial opportunities that exist in the various regions.”
“Over the years we have not been completely able to harness our development opportunities because unfortunately, most capital formation that we have been aiming at as a country comes from external sources. We are not able to give Ghanaians capital to grow their businesses, and I am not referring to commercial banking loans or 90 days turn around etc., I am talking about development capitals, “he lamented.”
He added that the NDC through this initiative seeks to support small-scale businesses.
“Small-scale miners for example have not had the best of time over the last four years. We want to bring the production of gold by them to the fore.”
When asked how the party intends to fund the initiative should they be given the nod in December 2020, Mr. Awuah-Darko said the government will provide capital of GHS2 billion annually.
“We have seen the current government spend GHS 21 billion of our taxpayers’ money on collapsing banks. They call it banking sector reform. But the NDC government will provide seed capital of GHS 2 billion a year on seed capital for five years. That is around GHS 10 billion to the development. This is in our quest to drive the economy forward.”