In the same vein, he urged voters not to put pressure on politicians and governments, saying this would limit expectations from the citizenry to ensure government did not spend beyond its budget while reducing its debt burden for economic sustainability.

“We are now putting so much pressure that governments are compelled to outspend. Whether it is an assemblyman or a parliamentarian seeking election or an individual wanting to form a government, there is just so much pressure put on them by Ghanaians and also by their own insatiable desire for things and our collective inability to hold each other to account is what has landed us here,” Naa Andani said at the launch of the 10th anniversary of the Chartered Institute of Credit Management Ghana (CICMG) in Accra last Thursday.

Prioritisation

The economist said a system where government paid for everything was not realistic, and consequently incapable of achieving fiscal stability and economic growth. He added that it was time to have a system of identifying and prioritising expenditure items that the government could pay for against the ones citizens could pay for to ensure stability in the enconomy.

 “I think we should go back and look at our expenditure and be honest to say what are the expenditure items that government is paying for which citizens can pay for and put them on one side, and who cannot pay for what, put them on the other side and bring in subsidy. Everywhere in the world, even the countries we borrow money from, there is that kind of prioritisation,” he said.

“But at the moment where we put everybody in the same bucket like the free SHS policy and government is paying for everything for all of us is not realistic,” he added.

Launch

The launch of the anniversary was on the theme: “Harnessing digital transformation for inclusive finance”. Mr Andani advised the government to adopt effective and efficient digital systems for Ghana's credit management.

He said banking or financial services had not changed radically except for the manner of interaction and delivery. “Digital now means that your client is not the one who comes to open an account with your branch because the legal identity of the client has changed,” he said.

He added that it was important to create an ecosystem that brought clients together, widened the base of clients, brought product closer to the client, widened the base of the product, and also removed all the barriers, including branches, regions and country, and brought them under one big global system.

Naa Andani urged the government to take advantage of the advancement to build robust technological infrastructure that would limit human control in loan acquisitions while creating regimes to monitor the efficient use of such monies.

President

The President of CICMG, Helen Cindy Clindy Obeng-Okon, explained that the digital age had ushered in a paradigm shift that had transformed how businesses were conducted, as well as the management of financial affairs.

She underscored the need to bridge the digital divide and empower every individual, irrespective of their socio-economic status or geographical location, to access and benefit from the vast array of financial products and services available.

Through the anniversary celebrations, she said, CICMG would foster dialogue, share knowledge, and explore strategies that would enable them to harness the power of digital technologies effectively by delving into latest trends, best practices, and innovative solutions that could drive financial inclusion, while maintaining the highest standards of professionalism and ethical conduct.

One of the key areas of focus during the 10th anniversary, she said, would be the role of digital financial services in promoting and supporting small and medium-sized enterprises.

“These businesses form the backbone of our economy, and by leveraging digital platforms, we can empower them with access to credit, payment solutions, and financial management tools, fueling their growth and contributing to economic development.

“Additionally, we will examine the potential of digital technologies in enhancing financial literacy and education,” she said.