Banking consultant Dr. Richmond Atuahene has urged the government to provide more affordable funds to private sector players to boost the country's economy.

Emphasizing that this strategy would contribute to an improved Gross Domestic Product (GDP) and foster economic stability, Dr. Atuahene expressed concern over the risks associated with the government's continued borrowing, particularly when the private sector lacks competitiveness.

During an Investment Dialogue on Citi TV, he cautioned against relying solely on government borrowing as it might not ensure the country's economic recovery and could potentially escalate unemployment rates.

Dr. Atuahene urged a shift towards granting the private sector access to more affordable funds to drive economic growth, emphasizing that this approach would enhance GDP, economic stability, and overall prosperity.

“The governor said recently that credit in the private sector has declined in real terms by 10% because the government is just like a snake, this snake, I don’t know its name, it only swallows, swallows. He is taking money. What does he take the money for?”

“Let the private sector have cheaper funds to turn the economy. That is when the GDPs or you are talking about the economy, the stability, and everything will come. But you see if the government is borrowing and the private sector cannot compete then we are crowding out the business. And it is a very dangerous thing. There will be no recovery. And if the economy does not recover, unemployment will be very high. There will be no job creation…The reality is that there is so much unemployment and non-job creation in the country at the moment.”