Businesses were given assurances by President John Dramani Mahama on Saturday that the government would lower borrowing costs by promoting blended financing products and modernizing credit systems.
This is to boost economic expansion and support the development of companies and sectors.
Additionally, the President declared that the government will restructure the financial industry to support the actual economy rather than only government borrowing or speculative trading.
This was said by President Mahama during his introductory remarks at the Kwahu Business Forum’s Second Edition, which was held at Mpraeso in the Eastern Region’s Kwahu South District.
President Mahama’s brainchild, the Kwahu Business Forum, is a significant endeavor to promote entrepreneurship and aid in the expansion of Ghana’s small and medium-sized businesses (SMEs).
It is a direct reaction to the government’s goal of increasing the capability of Ghana’s private sector, particularly in the industrial and agro-processing sectors of the economy.
The Kwahu Business Forum, a nonpartisan national development agenda, brings together investors, start-ups, business owners, industrialists, and significant industry players to network, exchange experiences, and look at ways to raise money or take advantage of financial institution products.
The inaugural conference effectively brought together corporate titans and young entrepreneurs who shared their experiences and ambitions with then-candidate John Mahama during the Easter celebrations in 2024 in Mpraeso, the capital of Kwahu South District in the Eastern region.
“The Future of Business: The Role of the Financial Sector” is the theme of the Kwahu Business Forum’s second edition.
In addition, he stated, “We will also launch a national venture capital fund to support youth- and women-led businesses and introduce regulatory reforms that encourage banks and financial institutions to lend to productive sectors of the economy.”
The President reaffirmed that the core of this strategy would be financial inclusion.
“No economy can grow if its people remain excluded from formal financial systems. We will work with banks, fintechs, and mobile money operators to expand access to financial services, particularly in rural and underserved communities.”
The President stated that digital, green, and inclusive business practices are essential for Ghana’s future.
“We are entering logistics and public safety—for businesses to operate around the clock. This will boost an era where digital infrastructure is as important as roads and bridges,” he said.
President Mahama stated that the government would establish the necessary conditions—through dependable electricity, productivity, job creation, and more opportunity nationwide—as part of its 24-Hour Economy policy, but that skills are also necessary for transformation.
He explained this by saying that they were bringing academia, business, and government together to create a Jobs and Skills Compact that would match training and education to the demands of the labor market.
According to President Mahama, in order to foster young people’s innovation, the government would offer incentives to businesses that establish long-term, respectable jobs and encourage youth entrepreneurship.
“Our vision is a Ghana where no young person needs to leave their hometown in search of opportunity. Where communities like Mpraeso, Nkawkaw, and Abetifi become hubs of innovation, enterprise, and decent work,” President Mahama said.
“To truly enable business growth, we must go beyond economic policy. It requires a firm commitment to the rule of law, political stability, and respect for contracts and property rights.”
A responsive, corrupt-free public sector that views the business sector as a development partner as well as a source of income is also necessary, according to President Mahama.
“That is why forums like this are essential. They allow us to listen, to engage, and to create policies that work. Your insights and innovations are critical to the national reset we envision,” the President said.
He pointed out that the government alone would not determine Ghana’s destiny; rather, it would depend on their capacity to form alliances between the public and private sectors, between innovation and finance, and between the people and the leadership.
“The Kwahu Business Forum is more than an event—it is a call to action. Let us work together to build a Ghana that is competitive, productive, and inclusive. A Ghana that creates opportunity for all.” The President stated.
The Kwahu Traditional Area’s Akyemfour Asiedu Agyemang III, Kwahu Abetifihene, and Adontenhene encouraged Kwahu residents to utilize the forum in order to attract more local businesspeople and women.
He urged President Mahama to finish the Kwahu Traditional Area’s lone government hospital project, located in Abetifi. It had been initiated by his former administration nine years prior, but it had stalled after the 2017 government change.
Source: newsthemegh.com