The Minister for Trade and Industry, Mr. KT Hammond, has expressed concern over the private sector's limited role in driving economic development in Ghana. He believes that the private sector has the potential to be a champion of change and a leader in national development.
Ghana Mutual Prosperity Dialogues
To address this issue, the Ghana Mutual Prosperity Dialogues have been initiated to empower the private sector and position them as key drivers of economic growth. The Ministry of Trade and Industry, in collaboration with the Ministry of Finance and the International Finance Corporation (IFC), held the inaugural dialogues in Accra to discuss strategies for enhancing the private sector's contribution to the economy.
Role of Industrial Transformation in Economic Development
Mr. Hammond emphasized the crucial role of industrial transformation in economic development, stating that no country has achieved significant progress without a strong industrial base. He highlighted the Ministry's responsibility, along with other stakeholders, to create a level playing field and implement favorable policies that foster private sector growth.
Keynote Address by Minister for Finance
In his keynote address, Mr. Ofori Atta, the Minister for Finance, acknowledged the importance of dialogue and pledged to engage in frequent conversations to drive economic change in Ghana. He expressed hope that these dialogues would shape efforts towards accelerating business transformation, attracting investment, and creating job opportunities for Ghanaians.
Overview of Economy
Providing an overview of the economy, Mr. Hammond announced that Ghana is on track to surpass its revised growth target of 1.5% by 2023. He also expressed optimism regarding the approval of the next tranche of funds from the IMF PC-PEG program by the IMF Board.
Ghana Mutual Prosperity Dialogues
The Ghana Mutual Prosperity Dialogues brought together industry leaders and government officials with a primary focus on promoting private sector growth, attracting investment, and generating employment opportunities. The discussions aimed to foster synergy between public and private enterprises and leverage the IFC's role in Ghana's economy over the past decade.
Significant Investments by IFC
Mr. Kyle Kelhofer, Senior Country Manager at IFC, highlighted the significant investments made by IFC in various sectors such as infrastructure, agribusiness, financial institutions, manufacturing, and healthcare. He expressed his hope that these dialogues would enhance business confidence in the government, provide clarity on policies, and ensure sustained consultation with the private sector in policy formulation.
President of Association of Ghana Industries' Perspectives
Seth Twum Akwaboah, President of the Association of Ghana Industries, praised the inclusive approach of the dialogues and emphasized the need for viable partnerships that promote investment in the productive sector. He also highlighted the potential benefits of leveraging opportunities within larger markets like the African Continental Free Trade Area (AfCFTA).
Minister for Tourism and Creative Arts' Perspectives
Minister for Tourism and Creative Arts, Mr. Ibrahim Mohammed Awal, shared his perspectives on job creation and prosperity within the tourism and creative arts sector. He expressed his ambition to elevate tourism to become the number one contributor to Ghana's GDP by 2025 and called upon the private sector to collaborate in achieving this goal.
In his closing remarks, Minister for Information, Mr. Kojo Oppong Nkrumah, commended the Ministry of Finance, IFC, and other stakeholders for organizing a forum that facilitated open and constructive conversations between industry leaders and regulators. He noted that such discussions reflect a commitment to finding resolutions and driving national development.
Summary
The Ghana Mutual Prosperity Dialogues have set a positive precedent for engaging the private sector as changemakers in Ghana's economic development. By fostering collaboration between government and industry leaders, these dialogues aim to create a conducive environment for private sector growth, attract investment, and ultimately contribute to job creation and improved livelihoods.
(This article is sourced from 3news and curated by Monica Kritel | Mydailyreports24)
0 Comments