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Akufo-Addo reaffirms plans for private sector

May 24, 2017, 11:13 a.m.

President Nana Addo Dankwa Akufo-Addo has reiterated his government’s quest to embolden the private sector with innovative interventions that will empower businesses to flourish to enable them play their critical role as the driver of the national economy.

In a speech read on his behalf at a business gathering in Accra, he asked captains of industry and entrepreneurs to be conversant of the working dynamics of the global business landscape as well as exploit talents and advantages that will help them tap into the huge prospects of both the regional and continental markets.

“The Ghanaian is a private animal that must be given the needed support and push to create the much needed jobs and wealth in the country.

Local businesses must be well structured and empowered to dominate the markets in which they operate to cushion socio-economic development.

As a government, our goal is to promote the private sector and allow it to flourish and we hope to do this by facilitating inclusive growth while reducing the various obstacles associated with doing business in the country,” a speech read by the Senior Minister, Yaw Osafo-Maafo, said.

The president further assured the business community of government’s resolve to rapidly “arrest” the high levels of corruption that has raised the cost of doing business and continue to undermine various efforts at promoting national development.

“The joint efforts of the captains of businesses will be most useful in this regard; we need all hands on deck to fight corruption because corruption. Corruption heightens the cost of business and holds back investments.”

The two-day event provided an atmosphere of learning and insight-sharing among business owners and leaders from the dominant sectors of the economy to spur business expansion and socio-economic growth.

Group Chief Executive Officer of the Fidelity Group, Edward Effah, speaking on the topic “Corporate governance as a pillar for strong growth”, tasked business organisations to embrace good corporate governance as that was the only way to sustain growth and competitiveness.

He indicated that a well-structured business with a working board will ensure high performance, avoid bad employee relations and reputational risks and also secure the investments of shareholders.

Mr. Edward Effah said: “Lots of small and medium enterprises have collapsed or failed to metamorphose into established brands once the founder or owner died. With strong corporate governance, we can be able to create large companies so we can form the right linkages to create wealth and enhance tax payments.

He added: “Let’s create Ghanaian champions; it’s not about being nationalistic or protectionists but rather the multinationals should be able to partner established local companies.