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Business News Tue, 6 Apr 2021

We can’t continue to do business without involving international markets – Dr Tagoe

Dr Neol Tagoe, former Professor of Accounting and Management practice at Nottingham University has stated that Ghana must invest in entrepreneurial skills that can take Ghana beyond its current limits on the international market.

Speaking on the opportunities the AfCFTA has to offer to African countries, Dr Tagoe said the country needs to cast its focus on creating an enabling environment for entrepreneurial skill enhancement. He made this comment while speaking in an interview with Accra-based JoyNews monitored by GhanaWeb.

“You cannot produce cars in Ghana and sell elsewhere alone, you have to sell to people in Ghana and other parts of the world. So the whole issue of consumer finance also comes in there. We cannot continue to do business as usual without the trade finance, corporate funding and consumer finance over there.

Stock exchanges, money markets, capital markets should come to expand but this time their thinking should not be servicing a market of 30 million people it is about servicing a market of potential one billion people, that’s an addressable market.

The education system must also start giving people an entrepreneurial mindset that transcends Ghana and ensures that things move in the right direction,” he said.

He also stated that the minimum capital requirement demanded from the banks by the Bank of Ghana is a challenge noting that there should be a trans-continental basis with regards to banks from different countries coming together and do business.

“The minimum capital requirement conversation is quite a traumatic one. Some of the key issues are on working together and working together not only as Ghanaian banks working together because you can underwrite financing etc. But we should begin to think more on a trans-continental basis in terms of that and banks from different countries come together and do business,” he noted.
Source: www.ghanaweb.com