Private sector pivotal to industrialisation agenda

President Nana Addo Dankwa Akufo-Addo says his government is committed to championing the structural transformation of the Ghanaian economy from a producer and exporter of raw materials to a value-adding and industrialised one that will ensure a progressive and prosperous country.

He however added that the success of this aggressive industrialisation agenda hinges on a strengthened and solid partnership between the public and private sectors.

Addressing the inaugural Presidential Business Summit in Accra, he said: “Government fully recognises that it is the resilience of the private sector that can guarantee growth, create substantial job opportunities for the youth, and strengthen the nation’s position as the economic powerhouse of West Africa.”

The two-day summit will provide an inclusive platform for open interactions between the public and private sectors on practical issues of interest and will culminate in the development of a business compact that will guide private sector policy.

President Akufo-Addo said Ghana’s economy was rebounding strongly from the dire impact of the pandemic owing to some bold actions that were taken by his administration to stem the risk of recession, mitigate the negative economic impact of the pandemic, and significantly reduce its burden on the population.

“More unflinching support, creativity and fortitude coupled with effective management of the crisis has seen Ghana’s economy outperforming its peers and rebounding faster than envisaged.

A strong rebound in growth, low inflation rates as well as a strong reserve position and FDI flows are clear indications of a collective desire to restore the economy to the path of sustained stability and growth,” the president emphasised.

Trade and Industry Minister Alan Kyeremanten, in buttressing the president’s assertions, highlighted the role that the private sector has played so far to shield the economy from the harms of the pandemic, especially through the production of critical personal care items that are needed to fight the virus.

“The role of the private sector in national development must not be underestimated; therefore, government’s supports to the business community are not favours but rather incentivising them to risk their capital to create jobs and increase income levels of the population.”

Mr. Kyeremanten however tasked the private sector to reciprocate by paying the right taxes and contributing their quota to national development.