Industry, manufacturing must drive 2027 Budget — Awuah
The Chief Executive Officer of the Ghana Association of Bankers, John Awuah, says lending to the private sector has increased by more than 30 per cent over the past year, but has challenged the government to use the 2027 Budget to stimulate demand for credit by supporting viable businesses and productive sectors.
John Awuah, CEO of the Ghana Association of Bankers, has urged the government to prioritize industry and manufacturing in the 2027 Budget to stimulate demand for credit. Awuah highlighted that lending to the private sector has surged by over 30 percent in the past year, and interest rates have decreased from above 20 percent to around 15 percent.
Despite these positive developments, he noted that the availability of bankable projects remains a significant concern. The Bank of Ghana data showed that credit to the private sector expanded more than 30 percent between the previous year and this year. Awuah emphasized that the challenge lies not in a lack of funds in the banking system, but in the availability of viable businesses and projects to attract financing and generate broader economic activity.
He suggested that investment in industry and manufacturing could lead to job creation, increased household incomes, and boosted demand for goods and services. Awuah called on the government to create conditions that would encourage businesses to develop viable projects and attract investment. He stressed that the 2027 Budget must direct lending towards sectors capable of expanding production, creating jobs, and raising household incomes.
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- Industry, manufacturing must drive 2027 Budget — Awuah myjoyonline.com
