What do you believe is the single most important factor driving up the cost of living in Nigeria?

The first Governor of the Bank of Ghana (BoG), Dr Maxwell Opoku-Afari, has called for policies to stimulate savings and investment in the economy, describing borrowing as an “unsustainable” way of development.

“Most of the lower-middle income countries, and in particular, our savings rate is nowhere compared with other middle-income countries. We’re under 10 per cent, but the investment requirement is huge,” he said.

Dr Opoku-Afari noted that considering the country’s development needs, it was important to close the critical savings and investment gap, which often made the government resort to borrowing.

“… but borrowing is not the most sustainable way of development. You have to focus on domestic revenue mobilisation, and to achieve that, you have to grow the savings rate,” he said.

He said this during a panel discussion on the back of launch of the 2024 World Development Report, “The middle-income trap,” by the World Bank in Accra, on Thursday, October 11.

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