Prime News Ghana

Let’s reduce dependency on oil and gas – BoG

By primenewsghana
Dr Abdul Nashiru Isahaku
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The Bank of Ghana has stated the bank in collaboration with some stakeholders have resolved to transform and expand the country’s export base and also emphasized the need for commercial banks in Ghana to create innovative products that will focus on developing the agricultural sector. Following the consistent appreciation of the cedi against major trading currencies.

According to the chairman of the National Development Planning Commission, Dr. Kwesi Botchwey, there is the need for banks to re-strategize their approach to help revive the agricultural sector. “I think it is important for the banks themselves to deepen their understanding as well as the capacity to access risk in the agricultural sector because things are changing.”

The Bank of Ghana stated emphatically that it is ready to pump 100 million Ghana Cedis as seed money for the execution of the Ghana Incentive Based Risk Sharing System for the agricultural sector.

As a way to actualize the projections, the central bank has outdoored a new system to help increase agricultural productivity and production for export. Speaking at the launch of the Ghana Incentive Based Risk Sharing for Agricultural Lending in Accra, the Governor of the Bank of Ghana, Dr Abdul Nashiru Isahaku said the time was ripe for Ghana to expand its economy in order to beat down the over dependency on the oil and gas sector. 

“We are an oil producing and exporting country we should not be too excited to forget about what has carried us to this point, I think we need to diversify the economy so we can stand shocks,” rounded up.