President Nana Addo Danqua Akufo-Ado has mobilized the private sector to lead the country’s economic recovery process.
In a breakfast meeting with industrialists and businessmen in Accra on Monday, the president said the private sector was the sure bet to revive the economy, which is currently going through financial challenges.
The call comes amid pressure from the government to formally negotiate with the International Monetary Fund (IMF) for an aid package to rescue the country’s economy, which has been hit hard by the Covid-19 epidemic, inflation and currency devaluation.
President Akufo-Ado told the meeting that the private sector was essential to play a focal role in the country’s economic transformation because other countries who are doing well have found their current state of development only on the wings of the private sector.
“We can’t do anything serious if we are not guided by history and example,” he said, referring to the development of four ‘Asian Tigers’ – South Korea, Singapore, Hong Kong and Taiwan – where private capital has pushed rapid economic growth and Development of the nation.
The President noted that rural, agrarian primary manufacturing and exporting countries that have transformed themselves from low productive economies to high economies are “countries where the private sector has been an influential force in their economic growth and development.”
“Japan, Korea, Asian Tiger are all names that have now become part of the common vocabulary. Hyundai, Toyota, the names of all the people who founded these initiatives that have now become global entities… these are the examples that have always inspired me, my career as a politician.
“The private sector of our economy will be the main vehicle of social and economic transformation that we are all looking for,” he stressed.
However, President Akufo-Ado agreed that private sector development was a difficult challenge for sustainable government, but stressed that it was essential to identify areas where the government and the private sector could profitably achieve sustainable growth and development in the country.
He said the morning meeting focused on the importance and central role of the private sector in the country’s economic growth, with the aim of seeking and exchanging views with private sector players on Ghana’s policy guidelines and investment climate.
He said the government follows and initiates policies, interventions and incentives and creates dialogue that will enable private sector players, especially the pharmaceutical, manufacturing, logistics, aviation and light manufacturing industries, to be more effective. Economic transformation of the country is on the agenda.
Commerce and Industry Minister Alan Quado also told the Kiermanten meeting that the government’s commitment to building a strong partnership with the private sector is intact.
He added that countries like China, which have maintained economic progress, have achieved their prosperity through private sector-led growth.