The private sector has always been described as the engine of growth in most emerging economies. For this growth to be achieved, individual business men and women should be able to have access to credit.

Unfortunately, this is not the case in Ghana as credit has become difficult to access because of high interest rates.

Banks that hitherto were chasing customers to access loans, have all of a sudden refused to give credit to customers for fear that borrowers would not be able to pay back.

The banks have now resorted to trading in treasury bills, which has become lucrative as a result of government’ domestic borrowing. What has made the situation worse is the report that trading at the Ghana Stock Exchange has also fallen as a result of the high returns on treasury bills.

Business Guide thinks if nothing is done to arrest the situation, the private sector, which employs substantial number of Ghanaians, would collapse and lead to the massive loss of jobs.

We are aware that the inflation figures are gradually coming down, but the rate at which this is happening is very slow and we urge government to hasten the process.

This paper is very much concerned about the economic situation because apart from the job losses, and high interest rates, inflation could also scare away foreign investors.

Most countries were affected by the financial meltdown, but they are on the path to recovery. 

Ghana is part of the global village and cannot afford to sit down whilst others move forward or wean themselves from the crisis.

President Mills and the Economic Management team have a duty to ensure that confidence is restored in our economy.

Certainly, what is going on at the moment is not the best because money is being taken away from the private sector.