Nana Addo Dankwa Akufo-Addo
The New Patriotic Party (NPP) presidential candidate for the 2012 elections, Nana Addo Dankwa Akufo Addo has reiterated his commitment to turn the Ghanaian economy around by helping to grow private entities, especially local ones into huge firms when he assumes office in January 2013.
The previous Kufuor administration adopted a policy that made private sector the engine of growth, a development that led several firms, mostly blue chip companies, banks, insurance companies, telecoms, IT firms, oil and mining companies, to establish operations in the country.
Some of the companies include UBA, Intercontinental, IGI Insurance, MTN, Airtel, Newmont, AngloGold, Tullow Oil, Kosmos Energy and Iburst.
The policy adopted by the previous NPP government also aided many local firms to be transformed into large entities.
Outlining his socio-economic plans and visions when he becomes President of Ghana at the inaugural Liberty Lectures organized by policy think tank, Danquah Institute on Wednesday, Nana Akufo Addo said his government will obviously continue the good works of former President Kufuor to establish a one-stop investment unit called the Economic Development Authority (EDA).
According to him, the unit will lead government agency for planning and executing strategies to make Ghana a truly global business destination. The EDA’s mission will be to create sustainable economic growth with vibrant businesses and good job opportunities.
The EDA will comprise the amalgamation of institutions such as the Ghana Investment Promotion Center (GIPC), Ghana National Petroleum Authority (GNPC), Minerals Commission and Free Zones Board. This, he believes, will indeed usher Ghana into the golden age of business.
Nana Akufo Addo emphasized that the next NPP government will assume office with a clear programme of action for the industrialization of Ghana – an economic transformation that will every region will benefit.
He noted that “having learnt from our own early industrialization attempt and the experiences of others, the NPP government will actively promote Ghana’s industrialization and economic transformation. We will do this not by attempting to supplant the private sector or by engaging in activities that are best left to the private sector. Rather, we will provide active support for the growth of the private sector.”
The charismatic leader of the NPP opined that government must be pro-active in providing the environment plus the opportunities for the private sector to create and share wealth for the greatest benefit of society.
“Often when we talk about the private sector, attention immediately goes to big business.
But the woman who sells my favourite fried yam in Kyebi, Atta Maame is indeed the typical private sector operator in Ghana. Any policy for the private sector that ignores that vast combustion of activity in the informal sector is likely to have nominal impact on the structure of our economy. Our party believes in the ability of Ghanaian industry and Ghanaian industrialists and entrepreneurs.”
He also took a swipe at the STX Korea housing agreement which has almost collapsed, saying it was an indictment on the part of the ruling National Democratic Congress (NDC) government to have gone ahead to signed the deal neglecting the Ghana Real Estate Development Association (GREDA).
He said that the country needs policies that will promote the development of big Ghanaian firms, especially in the road construction industry, adding “I am therefore taking this opportunity to announce that God-willing, under the next NPP government in January 2013, government will take active measures to place foreign investors and local investors on the same footing as far as incentives to enhance competitiveness are concerned.”
His economic transformation programme is to put Ghana onto a clear path towards a high income economy and Ghanaians into high income earners while promoting healthy domestic manufacturing industries essential to national prosperity.
On employment, he opined that self-employment will be promoted with support mechanisms such as credit, management training and preferences in public procurement to give hope to the hordes of street peddlers in Accra, kiosk owners and lotto and telephone card roadside entrepreneurs. The whole programme, he said, will need to become more rigorous, with a serious monitoring and evaluation component.
His administration, he said, will also seek ways to coordinate the functions of MDAs responsible for industry and employment.
To realise the full potential of Ghana’s agricultural sector, which currently contributes 39 percent to GDP, he noted that the policy of his administration will ensure the provision of basic infrastructure and act in close partnership with the private sector players to ensure timely and adequate investments that support a sustainable transformation of all the agricultural segments, including livestock, fisheries, poultry, forestry and high value staples and export crops.
Nana Addo indicated his readiness to bring back the Ministry for Fisheries and assured the people of northern Ghana that potash will be applied to savannah lands to grow cocoa.
The lecture was attended by NPP bigwigs including former President Kufuor.
By Charles Nixon Yeboah