DBG
The media spectrum on Wednesday carried refreshing stories about the launch of the Development Bank Ghana by President Nana Addo Dankwa Akufo-Addo.
Certainly, that signifies a boost for economic development through industrialisation in creating jobs to improve lives and livelihoods, in line with government’s industrialisation agenda.
As was expected, the Bank will begin initial operations not from a ‘political kitty’, but our collective heritage, with massive contributions from several partners, including the African Development Bank, the World Bank and European Investment Bank.
As citizens, we must also understand that these are funds that are a collective national benefit meant for development purposes. This also implies that it cannot be a gift to the Small and Medium-Scale Enterprises (SMEs) accessing such funds.
Indeed, citizens also know that such funds are lodged in certain accounts for disbursement under clear policies and guidelines, with repayment key in sustaining the programme.
‘Politics’ and waste
Governments trying their best, since the days of the early period of the Fourth Republic, to revive the private sector as the engine of growth is commendable. That is because it is healthier placing the responsibility of creating jobs in the hands of the private sector.
It was certainly in that regard that development partners like Canada, Japan, UK and the Netherlands in the 90s supported adolescent health programmes to position women and youth to develop skills in generating entrepreneurial vocations. That was a key step towards relieving pressure on a government just emerging from economic recovery.
As we may recall, that was supported years later by the setting up of the National Board for Small Scale Industries (NBSSI), and later a bank for fully-fledged Small and Medium-Scale Enterprises that had ambitions to expand industrial activity.
Then, we had MASLOC that was tailored at the huge informal economy actors to deliver improvement in lives and livelihoods at grassroots level.
Challenges
Unfortunately, we must admit that while the intention of government was healthy, the NBSSI, for instance, ran into challenges over loan repayment. While the MASLOC initiative delivered effectively, we also had the first attempt at supporting SMEs similarly running into challenges over repayment.
Yet, these were funds from grants accessed at country level, and which we must responsibly handle and also account for, so that others could benefit from the repayments, with the benefits trickling to the ground.
The Daily Statesman can cite companies that have owed since the late 90s into the 2000s, denying others the privilege to access funds in expanding the economy and also creating jobs.
The issues get frustrating when, as citizens, we are told that monitoring systems were in place since the late 1990s for NBSSI, MASLOC and the Venture Capital Fund for top layer SMEs.
Not again!
That a ‘whole’ CEO of MASLOC is fleeing from justice in a related case is enough evidence of the likelihood of abuse on the part of disbursing authorities, just like the receiving and beneficiary SMEs in such otherwise noble initiatives.
With the recent sanitisation of the banking system and appointment of a Special Prosecutor, it is the hope of the Daily Statesman that we would not be repeating the irresponsible and clearly criminal activities of the past.
Again, with the difficulty we had over the Alfred Woyome saga, it should be the honour of those in charge to see to it that public funds accessed by politically connected business people are recovered as much as those to ordinary citizens who get access to the facility.
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