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Friday, August 19, 2022

Private sector key to Ghana’s socio-economic development

President Nana Addo Dankwa Akufo-Addo is courting the support of the private sector to help revive the Ghanaian economy.

The president reiterated that the government cannot continue to rely on donor support.

Speaking at a meeting with businessmen and captains of industry days after announcing plans to seek help from the IMF, President Akufo-Addo says the private sector holds the key to Ghana’s socio-economic development.

He referenced history citing countries like Japan, Korea and the Asian tigers that transformed themselves from low product economies to high productivity economies.

“The examples that we have seen in our period of history have all been the countries where the private sector has been the dominant force in economic growth and development,” President Akufo-Addo said.

“That is the example that has always inspired me in my career as a public official and as a politician, that we will get a situation whereby the private sector in our country will be the lead agency and vehicle for the social and economic transformation that we are all looking for.”

The importance of the private sector is a line the government has consistently toed.

Even at the local government level, the central government has urged Metropolitan, Municipal and District Assemblies (MMDAs) to partner with the private sector to develop the local economy.

The government has also looked to the private sector to help revive ailing sectors and institutions.

For example, Ghana’s iron ore and steel industries are set to receive significant boosts following the initiative by the government, and some potential investors to mine an abandoned ore reserve in the Oti Region.

The Tema Oil Refinery has also said it is negotiating with a private investor, Decimal Capital Ltd, to refine crude oil in Ghana amid the current international oil market crisis.

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