Managing editor of the Insight Newspaper, Mr. Kwesi Pratt has made a passionate suggestion to the Ghanaian populace to consider adopting the system of the governments of Venezuela and Cuba.

According to the veteran journalist, if the country is so eager to eradicate poverty and the hardships confronting the nation, the adoption of the two country's systems of totally owning its state resources and ensuring that the economy is not import driven is the best option.

Meanwhile, Kwesi Pratt has also commented on the challenges confronting the financial sector and the general economy of the country on Radio Gold's Alhaji and Alhaji political show now on Pan African TV. According to him, the challenge is due to the introduction of neoliberalism.

He was of the view that, so long as the status quo remains the same as all state resources are being controlled by foreigners with only meager reserved for the state, the fundamentals of the economy of the country will continue to suffer until there is a change.

“…our diamonds are being controlled by foreigners, our golds are managed by foreigners, our oil is also suffering the same fate, our forest as well, is for the foreigners…every state resource we have are not ours and how do you expect the economy of the country to be better?”, he bemoaned.

“I think that Ghana needs a government like that of Venezuela and Cuba to eradicate poverty and hardships in the country…our economy will continue to suffer because we are an import-dependent country”, he added.

Background

The Bank of Ghana (BoG) has revoked the licences of 347 Microfinance Companies, with effect from today, Friday, May 31st.

The central bank's decision, announced in a press release Friday, involves the revocation of licenses of 192 insolvent microfinance companies and another 155 insolvent microfinance companies that have ceased operations.

These actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the license of a bank or Specialised Deposit-taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent or is likely to become insolvent within the next 60 days.