Private sector resilience, ingenuity key to economic growth – President Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo has reiterated that it will take the resilience and ingenuity of the private sector to guarantee economic growth and create sustainable jobs for youth in the country.

According to the president, to be able to strengthen the country’s position as an economic powerhouse in West Africa, create substantial job opportunities for the teaming youth and sustain economic growth, there is a need to fully recognise the private sector’s critical role; hence, government will create a continuous constructive dialogue with the private sector toward realising this vision.

“I have directed ministers and relevant heads of state institutions to participate actively in ensuring that there is constructive dialogue between government and the private sector toward realising our vision of a Ghana Beyond Aid. We will continue to strengthen and deepen our engagement with the private sector toward realising this goal,” he said.

He added that the Ghanaian economy is bouncing back strongly from negative impacts of the Covid-19 pandemic due to the unflinching support, creativity and fortitude of the private sector – not forgetting effective management of the crisis by government.

President Akufo-Addo stated that after recording negative growth in the second and third quarters of 2020, the economy recovered strongly in the fourth quarter of the year and well into the first and second quarters of 2021, registering an impressive growth rate of 3.1 percent and 8.9 percent respectively.

“The strong rebound in growth, low inflation rates, stable currency, the strong reserve position and FDI flows are clear indicators of our collective desire to restore the Ghanaian economy onto a path of sustained stability and growth,” he stated.

The president made these remarks in his address at the inaugural Presidential Business Summit, an initiative being coordinated by the Ministry of Trade and Industry in collaboration with the Office of the President and selected Ministries, Departments and Agencies.

The summit, which is described as part of government’s Public Private Dialogue (PPD) framework to help improve the business environment in the country, is expected to develop an actionable business compact with clear commitments from both government and the private sector, as government has expressed commitment to fulfilling its obligations under the compact.

On his part, Minister for Trade and Industry, Alan Kyerematen, commended the private sector for the critical role it continues to play in the country’s economic growth and transformation agenda, especially in driving the country’s economic recovery efforts during the COVID-19 pandemic.

“In Ghana, when the COVID-19 pandemic struck and there were serious disruptions in global supply chains, it was the private sector that quickly marshalled its forces to cushion the pandemic’s impact by producing Personal Protective Equipment (PPEs), hand sanitisers, personal care and pharmaceutical products,” he said.

The Trade Minister again said: “I make these remarks to establish the fact that the private sector’s role in national development cannot and should not be underestimated. With or without the incidence of natural disasters, it is a well-established fact in development history that the most powerful economies in the world are those that maintain a strong focus on private sector development”.

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