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Quayson Writes : Failure Of Banks To Support The Youth – Reason For Financial Collapses In Ghana

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If the financial system of a country does not support it’s future leaders, both the country and all the financial pillars will collapse eventually. Therefore it is not surprising at all what we are seeing happening in our banking sector today and in our economy as a country.

Commercial banks in Ghana would rather make a loan available to foreign companies. Meanwhile all these foreign Companies that belongs to Indians, Lebanese, Syrians, Chinese etc end up doing business with it and expatriating all the proceeds out of Ghana weakening our financial system.

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Recently a group of Lebanese were caught trying to expatriate huge sums of dollars in a car trye. No foreign Company in Ghana has the interest of Ghanaians at heart. Not at all. No foreign bank makes loans to Ghanaian businesses or Ghanaian youth outside Ghana. The onus lies on us to develop our own.

We know commercial banks are profit making ventures so they will like to manage their risk by borrowing money to only well established businesses and even to the government. There is nothing wrong with that but all we are saying is if the banks will also pay attention to the virgin ideas of the youth and risk sponsoring it, not just the bank but the entire system benefits if it succeeds in the long term.

No bank in Ghana has any product that sponsors youth initiatives or challenges the youth in anyway. Rather even the “Pesewa” the market woman has is being targeted with shameful products by high profile banks in Ghana just to solicit the small money the market woman has made but nothing for the youth who has a brilliant idea for prosperity.

I feel so embarrassed when I walk in town seeing a bank like Stanchart or Barclays now having products for the tomato seller. What about the university graduate, the apprentice, the carpenter, Mason, vulganiser etc.? These masses represents the youth and future leaders and the banking sector must have funds available for them to do business.

Many youth in Ghana have brilliant business ideas that needs sponsorship to bring it to fusion yet they lack the needed support from our financial institutions. What these financial institutions will do is to make funds available to already established companies that are even making losses.

I worked in a government organisation that was on a bank overdraft from a government bank as well for so many years but always makes losses. What is this? Are we aware of what we are doing with the country’s resources? Why won’t they default and why won’t the financial system collapse eventually?

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It doesn’t make sense why should a loss making organisation be sponsored by banks when a clearly drawn youthful business plan with great potential lacks financial sponsorship. This is economic injustice and bias.

I think Ghana is more comfortable with youthful unemployment, social vices and the “big man” things instead of investing in the youth.

The solution to youth unemployment in Ghana is self liberation, realisation and enterpreneurial spirit yet where is the finance? There is no Ghanaian bank that supports the youth and that is why I predict they will collapse in the long term.

The youth coming out from University should be rest assured that there is capital availability if they graduate and they will exhibit creative ideas.

Many researched project works of most graduates has the potential of making huge financial gains but are left in the universities to gather dust on shelves unattended to. This is because there is no financial support from the banking sector to bring these creative ideas into fusion. The banks have not shown interest in research works done by these students.

It’s about time Commercial banks partners various Educational institutions and sponsor very feasible project works submitted by these youths. The lecturers must also make a very good project work available for sponsorships and that is even if the banks are interested at all.

People like Mark Zukerberg of Facebook and Bill Gates all left school with great ideas that because they had the financial help from banks has made them financial giants and transformed their country of origin and the world over. They have created several jobs for their fellow youth and the system which they belong to is running effectively because of their little contribution to their economies.

The average graduate finishes school with “looking for job” mentality not enterpreneurial mentality because all our educational curricula is even westernised with courses that are not so material to the Ghanaian economy. And again where will they get financial help from even they have any business idea?

Why should people be looking for a job when it is employers who are looking for people to work? Something is definitely wrong with this world. The case of demand and supply comes to play in determining the “peanut” people get these days.

Is it worth it to go through all rigourous procedures and sweats to look for an employment where you are always replaceable? People go to an extent of protecting their positions with “agbalagba”. Many have died in both the public and private sector because of various positions they occupied. What is this world coming to? You have to be laid as a lady to get a job. As a man your certificate ain’t enough until you have fasted and prayed or “whom you know”. What is the hustle? What is the rush?

Government is also making things worse with policies which has not and ain’t getting us no where. I get bored honestly. I am yawning right now. Every one has failed, we are all busy for nothing. The one working can’t make ends meet and the unemployed makes it through the harsh times any which way. I get tired honestly thinking of this phenomenon. The system is so messed up and everything seem to make sense but everything is useless.

Government is now a group of people that must keep deceiving the people and make news till 4 years time. Nothing for real, nothing tangible. Everyone is so busy for nothing and Ghana if it was a load has not even been moved by one centimeter.

Banks must partner with government in developing the youth of the country. Banks must introduce products that the youth of the country can have access to not just for established businesses.

Invest in that young man or woman whether he is a graduate or not. The bank must sponsor education of the youth and give loans to studying students in school not the government.

Schorlarships must be given to brilliant but needy students to study and become great future leaders for Ghana. The youth would then help champion the course of developing mother Ghana. This is something the commercial banks should be doing for the youth of this country to maintain continuity in development and future sustenance of our financial sector.

These are the same youth that when the financial sector empowers will help boost the economy of Ghana. They will help keep money in circulation in the country when they become financial Giants in the country in future through businesses. This in the long term will help boost commercial banking operations because they are from Ghana.

The main factors cited for the collapse of these Commercial Banks is risk management and corporate governance issues. But I dare say that most of the board members of many of these banks lack the appropriate expertise to be there.

A youth that is well trained and have deep understanding of banking issues and its effect on the economy will not subject a bank he works in or part of the board to be subject to certain dubios transactions as the case was in the banking sector.

No bank in Ghana has a school that trains the youth in banking apart from the banking college established by the bank of Ghana and Chartered Institute of Bankers. By the way how many of these trained bankers are on the boards of banks or absorbed into the several boards of most of these banks.

If you have a Pastor as a Chairman of a bank when there are trained professionals and bankers lingering, what do you expect to happen in that bank?

Again even those employed by these commercial banks how regular does the bank spend on their career advancement through further training and development?

Our financial system as a country is the blood and life line so we must pay particular attention to it. The institution that helps in monetary circulation is the commercial banks.

The commercial banks needs experts and trained professionals to man affairs not just for short term sustenance but for the long term. Investment in the youth of Ghana is an investment to maintain the financial pillars of this country.

The commercial banks must not see this as the sole role responsibility of government or private individuals but we must have a culture of developing the youth to take up the financial responsibility of this country as a whole.

My take.

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