President Nana Addo Dankwa Akufo-Addo has said Ghana still remains the second biggest economy in West Africa.

The president said this is despite the country’s low credit rates and other issues that have led the country into the current economic crisis.

Speaking at the presidential breakfast meeting on Agriculture and Agribusiness Financing in Accra, on October 16, 2023, the president urged banks to increase their lending to the private sector.

He said “The poor credit culture is something that we need to look at very seriously in Ghana. To hear the statement that the level of credit that has come from our financial system to our price sector is one of the lowest in West Africa is also a very disturbing phenomenon. We are lower than Senegal, Cote d’Ivoire, and others, all of this is against the background that we are still the second biggest economy in West Africa.”

The president emphasized the fact that people tend to forget Ghana’s credentials on the continent, however, if the current rate of credit increased even marginally, Ghana will do better.

Akufo-Addo added “There is a tendency for a lot of people to forget that in spite of all the challenges before the Ghanaian economy, we are the second biggest economy in West Africa. Even with that situation if the amount of money that goes from the banks to the private sector is the lowest in West Africa, my mind boggles, that if these figures were to rise a little bit the transformation that it would bring to our GDP growth, so we need to look at that.”

SSD/DAG

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