A private entrepreneur and Chief Executive Officer of Woodin Homes, Mawuena Dussey, has urged the Bank of Ghana to consider a reduction in interest rates on loans in the country to boost local investment. He noted that the high interest rates in the country have made it difficult for local investors to compete with foreign investors, who have access to cheaper loans in their own countries.
Mr Dussey also appealed to the Ministry of Finance to consider reducing some of the tax burdens on investment, which serve as a disincentive for local investors. He indicated that with the NDC government preparing to present the 2026 budget, the government should consider abolishing certain taxes to boost local entrepreneurship and incentivise young people to venture into business.
Mr Dussey was speaking to the media on the sidelines of an event in Nsawam in the Eastern Region to unveil a new shopping centre belonging to Woodin Homes. The shopping centre deals in electrical and home appliances as well as a groceries section.
Advice
Meanwhile, Mr Dussey advised young people to stay in their localities and venture into entrepreneurship. He stressed that advocacy for a favourable business environment would be meaningless if young people did not remain in their communities to take advantage of such opportunities. He noted that the best place to begin investing is in an environment where one feels comfortable before considering other locations, hence the need for young Ghanaians to remain in their country and communities to start businesses.
He further emphasised that the private sector is the engine of growth in the country and that young people are the faces to pilot such an engine.
He also appealed to Ghanaians to patronise local investments to boost investor confidence and reduce unemployment in the country.
The Nsawam business centre is the third of its kind to be opened by the entrepreneur.
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