Former President of the Ghana Association of Banks, Alhassan Andani, says even though the domestic debt exchange is a very difficult situation, it could serve as a positive turning point for Ghana.

According to him, this positive turning point will only be possible if the country really faces up to the issues that occasioned the current economic situation and take steps to fully address them to prevent a return.

He warned that if once again, as has been done in the past; the pertinent issues are ignored for stopgap measures to bring short-term stability, the country would end up repeating the cycle over and over again.

This he said would fuel despondency and lead to a distrust of institutions and state actors among the citizenry.

Speaking on JoyNews’ PM Express Business Edition, he said, “I think it’s a very difficult situation and could be a positive turning point for Ghana if we face up to the issues that brought us here. If we really face up to the issues that brought us here and to say never again and take the right steps, that could be a truly positive turning point.

“But if we bury our heads in the sand and try to hide all the issues that brought us here, just placate it and get along, we will get back to it. And what now then happens is when people become despondent, and disbelieve leaders, and disbelieve institutions, God only knows what nation that then becomes.”

“So we’re actually at a very interesting point, as I said, depending on how we face up to it. It could be a very positive turning point and we’ll take concrete steps and get ourselves educated as private individuals, institutions and particularly government and say never again. And recalibrate our actions so that we can move forward strongly.

“But again if we placate and refuse to tackle the real issues we will create despondency,” he warned.