President Nana Addo Akufo-Addo has said the development of the private sector would continue to be the focal point of the government’s economic policy direction despite the economic crisis that currently confronts the country.
President Akufo-Addo said the private sector in the country needed to become the lead agency and vehicle for the socio-economic transformation of the country.
Speaking at a breakfast meeting on Monday with some distinguished captains of industry in the country at the Ghana Investment Promotion Centre, President Akufo-Addo said the development of the private sector over the years had been a difficult one.
The meeting was to engender a conversation that will enable private sector players in the pharmaceutical, manufacturing, logistics, aviation and light manufacturing industries to bring out their views to better shape the government’s economic policy direction.
President Akufo-Addo said the opportunity to meet and exchange views with the private sector, underpinned the importance and centrality of the private sector in the development of the country.
The President said the government had initiated several innovative policies and interventions to help the private sector play its in the country’s economic transformation agenda.
One of the latest such government initiatives, he indicated, is the establishment of the Development Bank Ghana (DBG).
He said most of the analysis that had been done on the private sector in Ghana, had revealed long-term funding as one of the major constraints to the sustained growth and development of the private sector.
The inability to access long-term funding for the private sector, the President explained, influenced the concept of the DBG, as a catalyst for the development of the growth of the private sector.
The Minister of Trade and Industry, Alan Kwadwo Kyeremanten, said there was no known evidence of any country in the world that achieved sustained prosperity through government, not even in controlled and planned economies like China and some of the Asian tigers but in the private sector.
China, he said, became a global and industrial power when it decided to open up and put the private sector at the centre of its development some 30 years ago.
Rex Mainoo Yeboah, ISD