Ghanaian Economist and Investment Consultant, Kwame Pianim, has urged African leaders to draw from the IMF and World Bank debt-collection model, calling for a similar mechanism to ensure that loan defaulters are dealt with and made to pay, so as not to spoil the market.
Speaking at Fidelity Bank’s Debt Capital Markets Conference, Mr. Pianim explained that this could help address the high rate of loan defaults within the country’s financial ecosystem.
“Now, we borrow Eurobonds, we can’t pay. IMF, World Bank they sit on our necks, give us first aid, until we repay. Let’s have the same look at it, so that when we have our funds and you go and borrow and you’re not repaying, we put you in jail, so that you are not there to spoil the market again,” Mr. Pianim said.
On youth unemployment, Mr. Pianim warned that government must create employment opportunities for young people so they become forces for development, warning that failure to do so would turn them into destroyers of development instead.
“The billions of dollars we need to invest to create new jobs for the young people who are coming remember, you either create jobs for them so they become forces for development, or you leave them, and they become destroyers. They’ll be bandits, they’ll be armed robbers, they will not be contributing to growth,” Mr. Pianim warned.
Mr. Pianim also called for serious action against galamsey, stating that he believes the next war will be fought over water, and that urgent action must therefore be taken.
“You don’t have water, and you’re not rich enough to import Evian water to drink. And the health of our women is being destroyed. So let’s focus on that, clean it up. The next war will be fought over water, over where the water is. Let’s do the right thing and be strong,” Mr. Pianim added.
Mr. Pianim concluded by admonishing Ghanaians to eschew dishonesty, while also pleading with young people against “jakpaing” — emigrating abroad for greener pastures.
He explained that this is not the best course of action, arguing that when young people leave, they end up adding value to other economies rather than Ghana’s.
“Make sure that this place we call Ghana is made safe and productive for us, so that our young women and men stay here to work instead of running away to other countries where they end up adding value to raw materials that should be processed here at home,” he added.
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