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The Chief Executive Officer of Dalex Finance, Kenneth Kwamina Thompson, has urged government to create more space for investment even as the country reels from an economic downturn.<\/p>\n
According to him, the impact of the current economic crisis has been devastating on the private sector which if not solved would further slowdown the country\u2019s economic recovery process subsequently exacerbating th country\u2019s social issues.<\/p>\n
He explained that with interest rates expected to remain high for the foreseeable future, funding for private sector businesses is going to be tough leading to job losses and stunted growths of businesses in the country.<\/p>\n
He said, creating space for investment would allow the private sector have some breathing space to be able to grow and expand and consequently quicken the country\u2019s recovery rate.<\/p>\n
Speaking on JoyNews\u2019 PM Express Business Edition, he said, \u201cSo things are going to be tough, interest rates are going to be high, what we must try and do is to leave some space for investment because suddenly, the headman has no more money to spend. So if there are no projects, think of all the people that work on the projects.<\/p>\n
\u201cAssuming they\u2019re even tarring the road in front of your office, think of the number of people that work on the project as day labourers; think of the people that supply fuel; think of the people whose machines are rented; think of the people that sell food to these people; then those people also have children they take to school, they support the health service.<\/p>\n
\u201cSo this slowdown of the economic activity has a huge impact \u00a0on the private sector because suddenly there\u2019re going to be job losses, the businesses are going to be weak, and it\u2019s going to take time for us to recover. So my hope is that the government will be mindful of creating space for investment.\u201d<\/p>\n
He noted that it is up to government to find other ways of raising revenue to reinvest into the economy aside from the IMF loan it is currently negotiating.<\/p>\n
Kenneth Thompson suggested that government finds ways to collect more taxes and to further cut down on expenditure.<\/p>\n
\u201cWell, we\u2019ve got to find a way to collect more tax. You know I don\u2019t mind paying the GRA staff, give them 15% bonus, anything they collect give them 15%, and if any of you is caught stealing, deal with them. But we have to do different things because we need to create an environment where we can still invest.<\/p>\n
\u201cBecause this is a country with a high unemployment rate, we have large numbers of young people, and if we\u2019re not able to create employment, if we\u2019re not able to keep those people in jobs we have huge social issues. So no matter what, we\u2019ve got to find a way to get money to invest. But it\u2019s going to be tight,\u201d he said.<\/p>\n
\u201cAnd let\u2019s not think that the IMF is coming to solve our problems. IMF will not solve our problems, they never said they\u2019ll solve our problems. But the private sector is weak, the private sector is the one that can create jobs. We need to do something different. We can\u2019t afford not to invest in the economy, we can\u2019t.<\/p>\n
\u201cWell so take your income, take your expenditure, take an axe to the expenditure, cut. You\u2019ve got to cut. All these unprofitable SOEs, I mean sell them off in a transparent manner and invest, because unless we do that we are in trouble. We have to continue investing,\u201d he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Chief Executive Officer of Dalex Finance, Kenneth Kwamina Thompson, has urged government to create more space for investment even as the country reels from an economic downturn. According to him, the impact of the current economic crisis has been devastating on the private sector which if not solved would further slowdown the country\u2019s economic […]<\/p>\n","protected":false},"author":1,"featured_media":1209485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[650,240,26165,457,1090,913,6077],"class_list":["post-1209484","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-ceo","tag-create","tag-dalex","tag-finance","tag-government","tag-investment","tag-space"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1209484"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209484\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1209484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1209484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1209484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}