Today’s budget must inspire hope in young people – Business Consultant
Mr. Maximus Attah – Business Advisor
Business consultant Maximus Attah called on the government to use the 2022 budget to inspire hope in the country’s teeming youth.
He said the budget should address the challenges of the country’s youth and provide them with opportunities.
Speaking in an interview with the Daily Graphic ahead of the presentation of the 2022 budget, he said that “the budget must inspire hope and more opportunities for young people”.
He said the country’s young people were becoming desperate due to the lack of job opportunities for them and therefore there was a need for the government to do something.
“The average wait time for one of our higher education graduates is between five and six years after college, which could be very depressing,” he said.
He said that while the government encouraged young people to get into entrepreneurship, one of the challenges was accessing start-up capital.
Mr Attah, who is also a banker, therefore urged the government to use the budget to introduce a financing mechanism for start-ups in the country.
“Entrepreneurship is not easy and one of the main obstacles is access to capital.
The government should therefore come up with a mechanism that would help provide start-up capital for young people, ”he said.
Macro stability and growth
Mr Attah said that while the government’s fiscal consolidation path and macroeconomic stability efforts were important, they were no different from what the country has experienced from successive governments.
“The fiscal stability efforts are impressive as we need to stabilize the macroeconomics and push our economy to levels where we can start competing favorably with many Asian Tigers who started around independence with us.
“However, we need a balance between the macro and what is happening at the micro level.
It should be the people first and that’s why I think some governments are starting to talk about the human development index, ”he said.
He said it was crucial for the government to strike the right balance and mix between what it was doing at the macro level and the micro level.
“Some countries in Africa, including Kenya, have long bragged about single-digit inflation, but this has not necessarily translated into growth and better lives for people.
“If we get the macro right and people are crying out for a better life, that means they have to see it again,” he said.
High interest rates
Mr Attah also called on the government to examine the country’s high interest rate regime.
“Companies are always complaining about interest rates which are still very high.
If you match the spread between the current Bank of Ghana key rate of 13.5% and the banks’ lending rates, it is still ridiculously high.
“The budget should also be able to create leeway to go beyond moral suasion to get banks to lower rates,” he said.
He said this would allow the private sector to borrow more to expand their business and employ more.
“The government cannot create all the jobs, so it must put in place measures to allow the private sector to develop and create the necessary jobs, and also honor its tax obligation from which the government will improve the funds generated. internally for accelerated development, “he said. .