Lending rates killing SMEs

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• jacob 11 years ago

  Tell them crooks

  Tell them crooks

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• Abeeku Mensah 11 years ago

  In Ghana the Banking and financial industry is limited in the number of sources available to them to make money. For example, the banking and financial industry in Western nations do make huge sums of profits via fees and pen ...
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  In Ghana the Banking and financial industry is limited in the number of sources available to them to make money. For example, the banking and financial industry in Western nations do make huge sums of profits via fees and penalties on credit card issuance, debit cards, line of credit and other banking services while bilking customers to death on checking accounts. Yet other department engaged in housing funding schemes to get lots from mortgage lending activities. In Ghana we are behind in the issuance and managing of credit cards and woefully behind the curve on personal or business checking account system.
  The few seriously involved with residential or commercial mortgage schemes on the Ghana scene are after quick money they lack the patience required in mortgage financing to make money for periods of 15 years to 30 years as most banks and financial institutions in civilized and developed nations do. The Ghanaian banks and financial institutions thus mostly rely on desperate consumers in search of loans to rake in profits while they engage in short term sale of bonds that on the average are worthless and thus hardly generate enough cash flow to sustain operations.
  The Ghana banking problem has been made worse by a national government, starting in the year 2000, which has borrowed money from anyone and anywhere thus making our money worthless on the foreign market. The current rate of exchange should spare investments or inflow of FDI into Ghana but has not materialized not because of VAT or business taxes but because there in lack of viable business infrastructure of continuous electricity, water, roads, reliable telecommunications network and or reliable address system for service delivery. Gone are the days people drove, or used public transport to go shopping; online shopping and home deliveries is in. Unfortunately Ghana sold all of its basic infrastructure for pennies; Ghana Telecom to Vodafone, oil to the EO preferred team and roads and transport service left in the hands of private unscrupulous owners who could give a darn about the operability of their own vehicles and drivers and much less about their daily riders; they like everyone else cares about money they can make in one day than a steady flow of small but reliable amounts that can be guaranteed because of customer service and dependable vehicles and drivers.

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• Onipaba 11 years ago

  Thanks Abeeku. THis is a good summary of our economic woes. What I don't understand is why the managers of our economy could know these issues and still appear to do nothing substantial about them. Are they trying and failing ...
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  Thanks Abeeku. THis is a good summary of our economic woes. What I don't understand is why the managers of our economy could know these issues and still appear to do nothing substantial about them. Are they trying and failing miserably? Or are they just indifferent? Thoughts?

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• KOGYAM58 11 years ago

  "The Ghana banking problem has been made worse by a national government, starting in the year 2000, which has borrowed money from anyone and anywhere thus making our money worthless on the foreign market."
  "Unfortunately Gh ...
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  "The Ghana banking problem has been made worse by a national government, starting in the year 2000, which has borrowed money from anyone and anywhere thus making our money worthless on the foreign market."
  "Unfortunately Ghana sold all of its basic infrastructure for pennies; Ghana Telecom to Vodafone, oil to the EO preferred team "
  COMMENT:
  BORROWING BY GOVERNMENTS NEVER STARTED IN 2000.SHAME ON YOU.OVER 200 COMPANIES WERE SOLD UNDER NDC1 AND MORE ARE BEING SOLD UNDER NDC 2 INCLUDING MERCHANT BANK. SELECTING ONLY THE SALE OF GHANA TELECOM TO VODAFON UNDER NPP AS IF THAT WAS THE ONLY CAUSE OF OUR WOES HAS EXPOSED YOU AS A BIAS ANS SELECTIVE NDC WRITER. WHEN SHALL WE BE OBJECTIVE IN GHANA?

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