The private sector’s failure to establish itself as a champion of Ghana’s economic progress has been highlighted by Minister of Trade and Industry, Mr. KT Hammond.
In this regard, he praised the Ghana Mutual Prosperity Dialogues for setting the standard for restoring the private sector to its proper position as a catalyst for change and a head of state development.
“There is not a single country in this world that has transformed or developed its economy without massive transformation in its industrial base. That is why at the Ministry of Trade and Industry, we realize the absolute responsibility on us to put in place, together with the other stakeholders in the economy, the level playing field and the proper policies for the private sector to thrive ”he stated during the first-ever Ghana Mutual Prosperity Dialogues in Accra, which were organized by the Ministry of Finance and the International Finance Corporation (IFC), a World Bank Group member.
In his keynote speech, Ghana’s Minister of Finance, Mr. Ofori Atta, emphasized the value of dialogue and pledged to participate in frequent dialogue in order to bring about economic reform in his country.
“It is our expectation that this will fundamentally shape and converge our efforts on what is necessary in terms of plans, policies, programmes and timelines to accelerate the time and turnaround to transform the business landscape for entrepreneurs” he added.
During a briefing on the economy, the Minister stated that the nation was expected to surpass the revised growth target of 1.5% for 2023 and expressed optimism that the IMF Board would approve the next round of funding for the IMF PC-PEG program.
The primary goal of the discussion, which brought together government representatives and business leaders, was to discuss ways to boost the private sector’s growth, draw in more foreign investment, and generate jobs for Ghanaians.
Senior Country Manager for the IFC, Mr. Kyle Kelhofer, reaffirmed the value of collaboration between public and private businesses as well as the contribution the IFC has made to Ghana’s economy in the past ten years.
“In Ghana, over the past decade IFC has brought nearly $2 billion in investment – in infrastructure, agribusiness, financial institutions, manufacturing, healthcare, and more. This is in addition to our active advisory and technical assistance programmes to both businesses and Government in Ghana”.
He stated his expectation that the forum will boost corporate confidence in the government, provide greater clarity to government policies, and demonstrate a persistent commitment to consulting the private sector during the policy-making process.
Seth Twum Akwaboah, President of the Association of Ghana Industries, praised the forum’s inclusive attitude to private businesses. Ghanaian companies, he continued, were searching for workable alliances that would encourage investments in the productive sector and allow them to take advantage of chances in larger markets such as the AfCFTA.
“We are happy to note that the Ministry of Finance and the Ministry of Trade and Industry affirm government’s decision to embark on an effort to increase local production, also as an import substitution strategy which has a direct bearing on forex, job creation and improved livelihoods” he noted.
Minister for Tourism and Creative Arts, Mr. Ibrahim Mohammed Awal, discussed the potential economic benefits of tourism and the creative arts while offering his thoughts on how to build jobs and prosperity in these fields.
“We want to move tourism from number three contributor to GDP, to number one by 2025 in Ghana. The sector is very viable and rich”he noted and called on the private sector to come on board to make this a reality.
Minister of Information, Mr. Kojo Oppong Nkrumah, gave the closing remarks. He called the forum invigorating and praised the Ministry of Finance, the IFC, and all other main stakeholders for organizing a meeting that covered such important topics, which are essential for the growth of the country.
“It is refreshing to have captains of industry and regulators in one room, having a no hold barred conversation, in which the policy makers are reflecting on the direction that they want to go, and operators are giving feedback on the challenges that they are facing. A conversations where you can see real commitment to have some resolution”.
Source: Marzuuq | Ghana360news.com.
