Minister for Trade and Industry Alan Kwadwo Kyeremanten has indicated that efforts by government to stabilize the economy are not superficial.

According to him, these efforts strengthen companies and improve the environment for one to succeed.

“I’m suggesting to you that if a government is focusing on stabilizing the macro-economy, it’s not for cosmetic effect. It’s all part of what strengthens your company and improves the environment for you to succeed.”

According to the Minister, Ghana’s debt to GDP has improved significantly compared to the 73 percent in 2016 and 58 percent in 2018.

He made these statements at the Ghana Industrial Summit & Exhibition 2019, held at the Accra International Conference Centre Tuesday.

“At the end of 2016, the debt to GDP was 73 percent. As I speak now, end of 2018 is 58 percent. That statistics is important because if Ghana goes out to borrow and your debt to GDP is over 70 percent, it means technically you’re bankrupt. So the pricing of your risk as a borrower would be much higher than when your debt to GDP is lower.”



Speaking on the theme: Strengthening Ghanaian Industries for Global Competitiveness, Mr Kyeremanten however stated that government is making efforts to improve the flow of capital to Exim bank as concerns regarding the challenges with liquidity are being tackled.

“Exim bank, I know there are challenges with liquidity and so they may not be able to provide as much capital as they could but at least we have set up an institution, that can provide support for industrial development… and government is making efforts to improve the flow of capital to Exim bank.”

Meanwhile, he noted government’s intention to establish a national development bank in the country as well as to refocus the operations of the National Investment Bank (NIB), by restructuring it to become an industrial bank.

“Government is also refocusing the operations of NIB, restructuring it to become the Industrial bank of Ghana.

Ministry of Finance is also working with other financial institutions globally to establish a national development bank.”