Mandatory Credit: Photo by IBL/REX/Shutterstock – Fidel Castro was a famous Cuban leader
Managing Editor of the Insight Newspaper, Mr Kwesi Pratt Jnr has called on Ghanaians to consider adopting the system of the governments of Venezuela and Cuba if Ghana wants to put an end to hardships confronting the country.
According to Mr Pratt, the adoption of the two countries’ systems of totally owning State resources and ensuring that the economy is not import driven, is the best.
“I think that Ghana needs a government like that of Venezuela and Cuba to put a stop to poverty and hardships in the country…our economy will continue to suffer because we are an import-dependent country,” he stated on Peace FM, monitored by Adomonline.
He further said for a long time now all State resources are controlled and managed by foreigners in the economy and this, he said, will continue to create crisis until there is a change.
“Our diamonds, gold, oil and forest, are all controlled and managed by foreigners, every State resource we have is not ours, how do you expect the economy of the country to be better?” he quizzed.
The comment follows Bank of Ghana’s decision to revoke the licences of 347 microfinance companies, with effect from Friday, May 31, 2019.
The Central Bank’s decision, announced in a press release on Friday, involved the revocation of licenses of 192 insolvent microfinance companies and another 155 insolvent microfinance companies that had ceased operations.
These actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the license of a bank or Specialised Deposit-taking Institution where the Bank of Ghana determines that the institution is insolvent or is likely to become insolvent within the next 60 days.
Source: Nana Aba Mensah | Adomonline
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