The Private Enterprises Federation (PEF), a re-christened umbrella body for private sector associations in Ghana, has called for an enhanced government engagement with private enterprises in order to achieve sustainable economic development.
The federation, formally known as the Private Enterprises Foundation, says a strong Government partnership will create the enabling environment that will serve the developmental needs of private enterprises and address the challenges of the sector.
Speaking at the media launch of the federation, Nana Osei-Bonsu, Chief Executive Officer (CEO) of PEF, said the rebranding was to influence Government policy direction towards prioritizing private sector driven economic and social development for an improved and consistent investment climate for thriving private sector operations.
‘The mission of PEF is to serve the development needs of the private sector through efficient allocation of the country’s resources, provision of requisite business development support services and capacity building for sustainable private sector led national economic development.’
Nana Osei-Bonsu said the private sector has not performed to expectation as a result of events which hinder the growth and productivity of the sector and refuels the vicious cycle where low private sector profitability margins result in low tax payments and lower Government revenues.
‘This phenomenon has to be corrected and the only way out is for consistent dialogue between Government and the private sector leadership group to forge a consensus strategy to enhance the development of Ghana,’ he said.
The CEO of PEF gave the assurance that the rejuvenated organization was ready to work with Government to create the resources and enabling environment to harness the economic gains of the country.
‘As the umbrella premier voice of advocacy and a provider of innovative business development services to the private sector to become profitable and competitive, we will make private sector a welcome pillar for the development of Ghana.’
Nii Ansah Adjaye, Chief Director of the Ministry of Trade & Industry, who delivered the inaugural speech on behalf of the sector minister, acknowledged the importance of the federation as the overall umbrella organization representing the private sector in Ghana.
He said the Ghanaian private sector faces challenges which required new thinking, proactive leadership effective lobbying and advocacy.
He also expressed the belief that the new mandate of the restructured PEF will strengthen its position in performing its role as the apex body to promote private sector development in Ghana.
‘The relevance of PEF as a unified face of the private sector is very crucial. PEF can play a meaningful role as a body without direct sector interest but with the requisite capacity for identifying issues of a cross cutting nature in order to fight and achieve synergies the overall private sector profitability,’ he underlined.
He however challenged the federation to foster a close partnership with the various member associations and also partner Government to address the constraints in the business environment in order to create jobs and improve the livelihoods of Ghanaians to promote an inclusive and sustainable growth and development for the Ghanaian economy.
Rashid Pelpuo, Minister of State for Private Sector Development, said it was important to have a unified private sector front as they can effectively engage and partner with government to bring prosperity to Ghanaians.
He pledged to engage the private sector to achieve the overall objective of developing the country.
By Jamila Akweley Okertchiri