[ad_1]
President Nana Addo Dankwa Akufo-Addo has rallied the private sector to lead the country’s economic recovery process.
At a breakfast meeting with captains of industry and businessmen in Accra on Monday, the president said the private sector is the surest bet to restart the economy, which is currently under fiscal challenges.
The call comes amid pressure from the government to hold formal talks with the International Monetary Fund (IMF) on a support package to rescue the country’s economy battered by the COVID-19 pandemic, inflation and a depreciating currency.
President Akufo-Addo told the meeting that it is imperative that the private sector plays a central role in the country’s economic transformation as other countries that are doing well have reached their current state of development solely on the wings of the private sector.
“We cannot do anything serious if we are not guided by history and example,” he said, citing the development of the four “Asian tigers” — South Korea, Singapore, Hong Kong and Taiwan — where private capital has driven rapid economic growth and development in these nations.
The president pointed out that rural, agrarian primary product and exporting countries that have transformed from low-productivity economies to high-productivity economies “have been nations where the private sector has been the dominant force in their economic growth and development.”
“Japan, Korea, Asian tigers, all these names that are now part of the common vocabulary are people’s names. Hyundai, Toyota, all names of people who founded these enterprises that have now become global… This is the example that has always inspired me, my career as a politician.
“The private sector of our economy will be the leading vehicle for the social and economic transformation we all seek,” he stressed.
President Akufo-Addo, however, agreed that private sector development has been a difficult challenge for successive governments, but stressed the imperative to identify areas where government and the private sector can work together profitably to achieve sustainable growth and development On the side.
He said the breakfast meeting aimed at engaging and exchanging views with private sector players on Ghana’s political direction and investment climate highlighted the importance and centrality of the private sector to the country’s economic growth.
The government, he said, had and would continue to pursue and initiate policies, interventions and incentives and generate conversations that would enable private sector players, particularly those in the pharmaceutical, manufacturing, logistics, aviation and light industries, to be more effective in the agenda of the economic transformation of the country.
Trade and Industry Minister Alan Kwadwo Kiremanten told the meeting that government’s commitment to building a strong partnership with the private sector is unwavering.
He also said that countries like China that have maintained their economic progress have achieved their prosperity through private sector-led growth.
Source: GNA
[ad_2]
Source link