Breakfast Show<\/strong> on Wednesday, Mr. Kwettey blamed the citizenry and the financial institutions as the cause of the problem.<\/p>\nHe argued that blaming an unstable economy is unacceptable because even when governments work to stabilize the economy, interest rates remain high \u201cso it\u2019s not at all an issue about current instability \u2013 no!\u201d<\/p>\n
According to him, financial institutions keep giving excuses ranging from high policy rate, treasury bill rate, high non-performing loans as being the cause for the high interest rate \u201cso it tells you that there is something within our pricing that constantly ants to go for the kill.\u201d<\/p>\n
He described this as a \u201cdysfunctional behavior\u2026 that throws the whole economy out of gear.\u201d<\/p>\n
The Ketu South Member of Parliament said the situation where Ghanaians continuously blame the government for the many problems the country face is a means of \u201cseeking justifications in order to excuse our cultural decadence\u2026\u201d<\/p>\n
He remarked that until \u201cwe look into the mirror and see the reflection of ourselves and accept that this is us in order to start to collectively make a move forward, we will continue turning around in circles.\u201d<\/p>\n
Talking will solve the problem<\/strong><\/p>\nThe \u00a0Minister was convinced that in order to tackle the problem, there should be a national conversation.<\/p>\n
\u201cWhat we can do is to talk about it\u2026We don\u2019t build a nation without consciousness. All over the world, nations are built when citizens awaken to their responsibilities. Obviously, this awakening can start with a conversation that is not supposed to stop at the level of government.\u201d<\/p>\n
\u201cThese are things that people need to start taking responsibility for. There are things that government definitely wants to do but there are things that individuals need to take responsibility for. That responsibility must be assumed on both sides.\u201d<\/p>\n
Ghana cannot win with high interest rate<\/strong>s<\/p>\nIn a related development, an economist, Emmanuel Essilfie pointed out that interest rates have an effect on the general pricing level in a country but Ghana however \u201cthe interest rate setting mechanism in the banking and financial sector is perverse.\u201d<\/p>\n
\u201cI have become tired of talking about it because for years, the excuse which will come out sometimes is that we don\u2019t have street naming and addresses so it will be difficult to target, to track down debtors and so on. We have it now so why haven\u2019t we had some significant drop in the price level?\u201d<\/p>\n
He warned that Ghana cannot with win \u201cwhen we look at our level of interest and relate it as we should to other economic fundamentals.\u201d<\/p>\n
Click on link below to listen to Fifi Kwetey’s interview\u00a0<\/strong>
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