Financial capability is also a question of attitude

Most African countries still grapple with the problem of enhancing the income level of the ordinary man, who often lives on less than a dollar per day according to statistics from the United Nations Human Development Index.

The situation has been attributed to factors such as unemployment, lack of access to loans, unfavorable interest rate and  corruption.  Let us take a look at the unemployment rate in Africa with Ghana as a case study. Available statistics have shown that about forty percent of the country’s population is unemployed even though there are many job creation potentials readily available.

Taking the Oblogo Landfill site, in Mallam a suburb of Accra: a lot of waste is left unattended to. This in my opinion is mere carelessness and insensitivity of the government to address the issues of unemployment in the country. This dumping site has a lot of recyclable material that could be used to produce other goods thereby keeping manufacturing industries active and could lead to the establishment of more factories which could mean more jobs for the people.

Lack of access to loan facilities and most often the high interest charged by financial institutions is not helping the situation either. According to findings people with clear and well defined motives to invest in waste management especially recycling are discouraged by government and other financial organizations.
This kind of attitude will not enhance financial capability because if finance is to be made workable for Africa, local and even foreign investors must be encouraged by way of ensuring access to loan with reasonable interest rate.

Sheku Sumaila / Stan Ganzel

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s