President Nana Addo Dankwa Akufo-Addo engaged major players in the private sector to ascertain their challenges and concerns, especially in the wake of current global economic crises.
It was a breakfast meeting held behind closed doors in Accra on Monday to provide an opportunity for the government and the industry players to exchange views on how the private sector can be supported.
Present at the meeting were business owners and managers of pharmaceutical, logistics, manufacturing, and construction companies as well as top government officials.
In his opening remarks before the closed door meeting, President Akufo-Addo reaffirmed his government’s commitment to support the growth and development of the private sector, despite the economic challenges the country was facing.
According to him, countries like Japan and Korea moved from rural agrarian economies to developed economies and added that the economic history of those countries presented good examples for Ghana to follow
“We cannot do anything serious if we are not guided by history and example,” he said.
President Akufo-Addo noted that big brands like Toyota and Hyundai were names of people who founded enterprises to change their economies.
He said despite the challenges the country was facing, his administration would continue to use the private sector as a vehicle to lead the social and economic transformation of the country.
President Akufo-Addo indicated that the Development Bank of Ghana established recently would be a catalyst for the development of the private sector.
The Minister of Trade and Industry, Alan Kyerematen, said the current administration inherited an economy that was in distress and expressed confidence in the government’s ability to steer the country from the current economic challenges.
He said the concerns from the industry players would be given serious consideration and expressed the government’s commitment to support the growth and development of the private sector.
Mr. Kyerematen urged the captains of industries to consider diversifying their businesses, noting that the government had identified ten new industries that presented opportunities for businessmen and investors.
Collaboration
The importance of the private sector is a line the government has consistently toed.
Even at the local government level, the central government has urged Metropolitan, Municipal and District Assemblies (MMDAs) to partner with the private sector to develop the local economy.
The government has also looked to the private sector to help revive ailing sectors and institutions.
For example, Ghana’s iron ore and steel industries are set to receive significant boosts following the initiative by the government, and some potential investors to mine an abandoned ore reserve in the Oti Region.
The Tema Oil Refinery has also said it is negotiating with a private investor, Decimal Capital Ltd, to refine crude oil in Ghana amid the current international oil market crisis.
