Ghana Has Failed – Amoabeng

Prince Kofi Amoabeng

By Esther Awuah
Prince Kofi Amoabeng, Chief Executive Officer (CEO) of UT Bank, says Ghana has failed in spite of the recognition of the country as an emerging economy.

He said “truly from what I have seen in the last 50 years I can truly say that Ghana is a failing state. Businesses are not being helped to flourish because of the lack of structure and infrastructural developments.”

He explained that Ghana’s economy has not been in the best shape in the past 50 years and businesses, which are the backbone of any successful economy, continue to be killed by those who have been at the helm over the years.

Mr. Amoabeng disclosed this while speaking on the topic “challenges facing private sector businesses in Ghana” at a forum held to celebrate the 1st anniversary of The Finder, a private newspaper set up by the former Managing Director of Graphic Communication Limited.

He noted that Ghana has not been able to realize its development potential because there is too much corruption and indiscipline in every sector, particularly the public service.

“Because of the structural breakdown, Ghanaians do not feel accountable to anyone and corruption has taken over every aspect of our economy,” he reiterated.

He said in spite of Ghana’s touted democratic credentials, the type of structures and systems that would make Ghana an economic success had not been delivered.

The UT Bank boss called for practical steps to be taken in order to create the enabling environment for businesses to thrive.

Mohammed Awal, Chief Executive Officer (CEO) of Marble Communications Group, publishes of The Finder, The Weekend Finder and Finder Sports, said the anniversary topic: “Strengthening State Institutions for Private Sector Development” was chosen to highlight the need for the state to play an active role in developing the private sector.

“The state must collaborate with the private sector to encourage development, he said, adding that The Finder was developed to complement journalism in national development and they were committed to producing credible, balance and development-oriented stories.

He announced that the company will next year come out with its business paper and an electronic media house.

Peter Jones, the British High Commissioner to Ghana, said Africa’s private sector had generated an estimated 70 percent of the continent’s output, approximately two-thirds of its investment and 90 percent of employment on the continent.

He added that based on these statistics offered by the African Union (AU), the creation and development of private sector job, is seen as one of the most effective and sustainable strategies for alleviating poverty in Africa.

He said Africa could reduce dependence on foreign aid if the private sector becomes dynamic.

Mr. Jones noted that challenges facing Ghana’s private sector such as high cost of utility, lack of access to information on external markets and inadequate physical infrastructure could be tackled if the sector is given the needed attention.