The Asantehene, Otumfuo Osei Tutu II, has described Ghana's interest rate regime as uptime weapon of industrial destruction.
He says the sad reality has been a major disincentive to the growth of businesses.
The Otumfuo was speaking at the World Meet in Ghana Investors Forum and executive dinner ball in Kumasi.
"We have to ask why, in spite of the vast opportunities, the industrial landscape in Ghana is so barren. It must be obvious that you cannot stimulate industrial growth within a policy framework which makes medium-to-long term lending an impossibility. It is the sad reality however that. And worse of all, the interest rate regime that has prevailed in this country for the past decade or so can only be described as the uptime weapon of industrial destruction," he lamented.
The event is part of his 20 years anniversary celebration as the occupant of the Golden Stool.
The move is to deliberate on how to increase foreign direct investment to Ghana.
It brought together investors from all over the world to Kumasi.
The theme for the forum is "Ghana, a promising investment destination in Africa."
The Asantehene wants government to pay attention to how to pump more resources to stimulate economic growth through industrialisation and agricultural mechanisation, same way it pays to restructuring past loans.
"It may be right for government to raise resources to restructure past loans to ease the burden of debt. But might it not be more appropriate to find ways of injecting more resources to stimulate industrial and agricultural production."
While describing President Akufo-Addo's vision of Ghana beyond aid as a vision not for the faint-hearted, he called for support, not only from Ghanaians but from all her friends across the world.
"It is brave. But it is a vision that deserves support, not only from Ghanaians but from all her friends across the world."
Have your say
More Business Headlines
- Bawumia lead gov't's trade, investment delegation to Canada
- Fidelity Bank offers ‘unique customer experience on mobile app’
- Yolanda Cuba joins MTN as Group Chief of Digital & Fintech
- 2019 MOBEX Africa Tech Expo & Innovation Awards launched in Accra
- Induction of Insurance Professionals in Ghana - What to expect?
- Ecobank, Partners provide financial support to 16 medical students
- Johannesburg tops Women Entrepreneur Cities Index
- Ghana still high-risk debt of distress country - IMF/World Bank
- Cowbell to construct 20 boreholes to mark 20th anniversary
- Nestle introduces a new kind of chocolate
- Prove your ability to keep debt at sustainable levels - Terkper challenges gov’t
- IMF boss Largade resigns
- PDS urged to use data analytics to improve customer satisfaction
- Businesses urged to respond, deal with issues of sexual harassment
- Land litigations and insurance