Business News of Wednesday, 10 May 2017
President Akufo-Addo has noted that the belief of his government is that “given an enabling environment, the creativity and sense of enterprise of the Ghanaian will enable us to build a strong, powerful economy which can deliver a good, dignified standard of living to our people”.
The President explained that since Governor Guggisberg left the country some 90 years ago, the basic structure of Ghana’s economy has remained largely unchanged.
The President made the remarks at the official commissioning of the newly constructed $95million Kumasi City Mall on Wednesday 10 May.
He added that Ghana’s economy cannot grow if it remains, primarily, a raw material producing and exporting country, explaining: “We cannot create the hundreds and hundreds of thousands of jobs for the masses of our young people if the sustenance of our economy is import-dependent and import-driven, as well as being dependent on raw material exports.”
As has been made evident in the first budget of the Akufo-Addo presidency, the Asempa Budget, President Akufo-Addo stressed that the economic programme of his government is hinged on the addition of value to the country’s raw materials in a process of rapid industrialisation, as agricultural production and productivity is enhanced.
“Our priority is to do all we can to give our entrepreneurs the certainty of a positive business environment, devoid of arbitrary and irrational policy initiatives, so that they can do what they should do best – invest in the numerous opportunities to create jobs and prosperity,” he said.
The President assured that “the initiatives introduced in the budget are aimed at stimulating private sector activity, and shifting the focus of our economy from taxation to production. To this end, I urge the private sector to take advantage of this new focus, which is offering opportunities to local ingenuity and production”.