FINANCE MINISTER WALK THE TALK SIR
I perfectly agree with you my NUGS Mate. One of my goals when I took over as DG of GPHA in 2017 was to close down all our accounts held in foreign banks and transfer our funds to viable local banks.
However I noted that these accounts were there to provide support for foreign borrowing and to facilitate foreign procurement. With the current level of digitisation in international financial transactions, keeping accounts in foreign banks to support cross border procurement is no longer necessary.
To eliminate the need to keep foreign accounts to support external borrowing, there is the need to replace foreign loans with internally generated and industry specific development funds. If all these funds are kept in our local banks it will enhance their capacity to support sustainable development in various sectors of the economy in addition to helping to stabilise our currency.
In 2017 therefore I initiated a process to establish the Port Infrastructure Development Fund as part of preparations to achieve that goal. Unfortunately the vision was cut short prematurely.
Seven years after my exit, the Port Development Fund has been established by those who came after me. Very soon there will be no need for GPHA to be borrowing from foreign sources to finance development but for now the monies are still held in foreign banks.
Mr. Minister what we need is a national policy along the lines I have described above. Back the words with action and help save Ghana. It is possible !!!
Source:Mybrytfmoline.com
