Stephen Atubiga, a former communication team member of the opposition National Democratic Congress (NDC) who left to form the National Liberation Congress (NLC), has proposed the establishment of specialized banks for all sectors of the economy.
He believes that these banks will guarantee funding for all sectors in partnership with the citizens of the country.
Speaking to Journalists at the Press Center in Accra on July 10, 2024, Atubiga highlighted that Singapore, with a population of less than 10 million, has about 378 banks funding all sectors of its economy.
He explained that each government ministry would have banks dedicated to funding their projects or commercial sections, in partnership with the citizens.
Atubiga noted that if the NLC leads the country, it will establish more banks in partnership with citizens and foreigners, with the sole aim of funding all sectors of the economy. He stated, “All other ministries must explore the commercial sections of their ministry in partnership with the citizens to raise revenue for the state. There is a commercial section in all ministries to explore and implement.”
“The Finance Ministry will support all sector ministries with a letter of credit for all projects under any ministry, in partnership with the citizens, to enable commercial projects in all ministries to secure funding from banks that fall under each sector of our ministries.”
“A government contractor or any ministry in partnership with a citizen, together with the sector minister, will go to parliament to get approval for the letter of credit issued by the Finance Ministry for any government projects awarded or in partnership.”
“This move gives confidence to all privately-owned banks, both local and international, to fund all projects under each sector of our economy. When this is achieved, a good foundation will be in place for the private sector to grow alongside government sectors. This development will reduce unemployment in our country, as everyone will have something to do, and the government will generate more revenue from tax collection,” Atubiga explained.
Ghana | Atinkaonline.com