Government will deepen private sector engagement to make Ghana self-reliant – President

Government will continue to strengthen and deepen engagement with the private sector to enable Ghana to attain the goal of a self-reliant country, President Nana Addo Dankwa Akufo-Addo has said.

He said the government recognised that it was the resilience and ingenuity of the private sector that could guarantee economic growth, create substantial job opportunities for the youth and strengthen Ghana’s position as an economic powerhouse in West Africa.

Speaking at the opening of the two-day inaugural Presidential Business Summit (PBS) in Accra on Tuesday, the President noted that a strong private sector was the surest way for the Ghanaian economy to fully recover from the effects of the COVID-19 pandemic.

The PBS which is being held on the theme: “Public-Private dialogue on the role of the Private Sector in Ghana’s Post COVID-19 Economic Recovery”, is an annual event organised by the Ministry of Trade and Industry, in collaboration with the Office of the President and selected Ministries, Departments and Agencies.

The Summit aims at providing a platform for constructive dialogue between government and the private sector on critical areas of interest to the private sector.

President Akufo-Addo indicated that because of the importance of the Summit, he had directed heads of government institutions to participate fully in the event “to ensure that there is a constructive dialogue with the private sector to enable us to attain our vision of a Ghana beyond Aid.”

He noted that the thematic areas and sectors selected for deliberations during Summit were carefully chosen to ensure that the outcome would be an actionable Business Compact with clear commitments for both government and the private sector.

The President assured the private sector players that the Business Compact which would be fashioned at the Summit would be fully respected and implemented by his administration.

“Government will ensure the fulfilment of its obligations under this Compact, and I hope that you, private sector operators, will also do the same,” he said.

The PBS will detail out specific priority areas of government policy interventions in support of private sector development, which would be aligned with the government’s Policy Framework for private sector development, including the budget statement and the economic policy for the Year 2022.

The Summit will focus on five cross-cutting thematic areas, including Fiscal and Non-Fiscal Incentives to Support Production and Private Sector Development; Foreign Exchange regulation and currency stability; Access to finance and cost of capital; Energy pricing, availability, access and reliability; and, Supporting local industries through Government procurement and local content regulation.

Seven economic sectors- Agriculture and Agribusiness; Manufacturing; Construction and Mining; Financial Services; Information and Communication Technology; Tourism and Hospitality; and Transport and Logistics- will take centre stage in the discussions.