Accra: Minister of Finance, Dr Cassiel Ato Forson, has ruled out any immediate government intervention to recapitalise savings and loans companies, stating that the state cannot use public funds to rescue private businesses at the expense of essential national priorities. Speaking on the Citi Breakfast Show, the minister emphasized that the government currently has no plans to inject capital into struggling firms within the sector, urging them instead to seek private investment and strategic partnerships.
According to Ghana Web, Dr Forson argued that the institutions, being privately owned, should explore options such as attracting investors, partnering with other businesses, or listing on the Ghana Stock Exchange to raise capital. "They are private companies, and I think they should have the willingness to partner and share risk with others, go to either the Stock Exchange or bring partners on board," he added.
He further criticized the reluctance among some business owners to relinquish full ownership in exchange for financial stability, noting, "The problem in Ghana is that everybody wants to own 100 percent of something, and I have said that 100 percent of nothing is zero and 1 percent of 1 percent is still something."
The Finance Minister stressed that the government's limited financial resources must be directed towards critical public services. "I cannot give the money that I am going to use to build schools, pay teachers, and build hospitals to do only that. I don't have limitless resources. I have only tax revenue, and I need to account for it and cannot cede it to another sector when public good is at risk," he stated.