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."
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