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Dr. Paa Kwesi Nduom

Dr Nduom calls for support of local industries!

Source : Dr Nduom’s Facebook wall .


John 8:7 King James Version (KJV)

“7 So when they continued asking him, he lifted up himself, and said unto them, He that is without sin among you, let him first cast a stone at her.”

It has become commonplace for a number of Ghanaians to shout “Crucify him”; “Jail them and throw away the keys”; “Seize their assets”; “Theives”! We hear these on the streets, from lawyers, economists, consultants, government officials and others. We have been here before as a nation. Some lost their lives. Yet, we are where we are.

It is a fact that seven locally-owned banks have been stripped of their licenses by the regulator. It is appropriate for those alleged to have caused losses or engaged in criminal conduct to be taken through the dictates of the rule of law. But why this overwhelming attack on ALL Ghanaian banks, investment and finance houses and insurance companies? ALL professions and industries in Ghana have problems and many are under stress. This includes Legal, Media, Health, Education, Pharmacy, Public Sector, Football, Music, etc.

We cannot continue the hourly recounting of wrong-doing, challenges and problems. LET’S FIND SOLUTIONS. That understandably, is a difficult thing to do but we cannot give up on our own entrepreneurs, professionals and workers. My point is LET’S HELP THOSE LOCAL BUSINESSES WHO SHOW SERIOUSNESS ABOUT DOING THE RIGHT THINGS BY EMBRACING DISCIPLINE, GOOD GOVERNANCE AND PRUDENT BEHAVIOR. Our economy, jobs and well-being are at stake.

We must also not lose sight of the other side of the problem.

What about our citizens who take loans and other facilities from the local banks, finance houses, microfinance companies and others but do not pay them back? Government stills owes billions of Ghana Cedis in energy, infrastructure and other areas. Government’s difficultly is understandable. But when contractors and service providers do not pay the local banks loans and other funds they have taken, the financial enterprises suffer liquidity problems. When losses mount, businesses stop buying from others and companies reduce cost including the number of employees. At Groupe Nduom, we have over 6,000 employees. Most of them work hard. They have families and they have hopes for a better future. I agonize over even one employee who has to go home because the business cannot support him or her. Once in my life, I had to sell almost everything I owned and cherished and start all over again. But my dignity and knowledge was intact so I bounced back. I will do it all again if I have to. But not everyone has the choices available to me.

So what should we do?

I believe that representatives of government, labour and employers must sit down quickly, with urgency, and discuss win-win solutions. We need lower cost of money, phased and guaranteed payment of government debts, managerial and shareholder/shareholder discipline, appropriate punishment for those who will not accept correction and a sustained program to buy Made In Ghana among others.

With regard to the financial industry, we must be careful not to capsize the ship. We must gently but urgently put it on the right course and make change happen. The sooner the better. We can do this.

Let’s make the ship of our nation stable. Our banks and financial institutions safe and sound and our companies working.

We are all involved!

God bless our nation Ghana.

STILL, #SupportMadeinHere.

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