Prez offers renewed hope to private sector - industry, agric now govt’s main focus
President Nana Addo Dankwa Akufo-Addo has assured the private sector of the resolve of the government to engage it to transform the ailing economy. He said the government will also depend on the players in the sector to create the needed jobs for the people while creating wealth for all.
Advertisement
Using industry and agriculture, the President who sounded optimistic about his plans, said the two sectors had been identified by the government as the two critical sectors of the economy that could bring the needed transformation many so much yearned for, noting that all efforts would be put in place to actualise the set objective using players in the private sector as the drivers of that agenda.
“They are the two principal focuses of our policy and we believe that they are the two most effective ways that can grow our economy and also deal with the issues of unemployment which is a major problem in our country”, the President said as he gave the assurance when a high powered delegation led by the president of the Ghana Chamber of Commerce and Industry (GCCI), Nana Appiagyei Dankawoso I, paid a courtesy call on him at the Flagstaff House in Accra on March 15.
The visit was to, among other things, offer the platform for frank discussions on how the chamber and the government could work closely together to actualise the rebirth of the private sector which had received less attention in the past few years.
The private sector, touted as the engine of growth, had in the past few years choked on taxes slapped on businesses, making it difficult for them to grow and expand to absorb the jobless in society.
However, in the 2017 budget statement and government economic policy, massive tax cuts and reductions which hitherto, were suffocating a sector with a potential to speedily accelerate the growth of the economy were announced.
Strengthening the private sector
“The basis on which we were elected was to try and revive the economy of our country that has been in decline and our analysis tells us that the best way forward was to bring in measures that would strengthen the private sector of our country to be able to undertake the industrial and agricultural growth, two key sectors of our economy that can bring about the transformation that we want”, President Akufo-Addo said, adding “So we see an organisation like yours as a natural ally of what we are trying to do and that is why I said that I see that there’s a common understanding of what we are trying to do”, he said, adding that “What we are doing is to build the Ghanaian private sector so that it can take the frontline role in the process of social and economic transformation of our country”.
Land matters
On the murky land issues in the country, the President said with the land tenure system, there had been a programme on the drawing table which needed attention.
He said the government was going to do what was humanly possible to simplify and rationalise land holding and land tenure in the country, especially to facilitate investment in agriculture and to ensure commercial farming, “so that those are very much part and parcel of it.”
Chamber appreciation
Earlier, Nana Dankawoso said the chamber appreciates “your government’s commitment to private sector growth.”
“This was clearly articulated in the New Patriotic Party (NPP) Manifesto and reaffirmed in the State of the Nation Address. The Ghana National Chamber of Commerce supports your emphasis on adopting prudent fiscal measures, removal of burdensome taxes and the stimulus package to support and improve businesses and their competitiveness as spelt out in the 2017 National Budget”, he said.
Three major areas
Nana Dankawoso said the chamber had three major issues needing urgent attention, first the “One District – One Factory” initiative; second the limited access to large hectares of land and the absence of land banks; and three being Sealink Project.”
On the “One District – One Factory” initiative, he described it as laudable and noted that “we are excited about government’s recognition of the private sector as the engine for growth. We have been engaging our members as well as international investors to leverage the opportunities under this initiative”.
However, he said information with regard to the implementation of this initiative is not yet available. We call on government to involve the Chamber in the design and execution of this initiative.
“We look forward to engaging the Trade and Industry Minister, Mr Alan Kyerematen, on this initiative. The Chamber is of the firm conviction that the initiative will create jobs, stimulate economic activity and promote exports and import substitution.”
Second, Nana Dankawoso said the government’s call for agriculture modernisation was a step in the right direction.
He said “if Ghana wants to prosper, our farmers must prosper. We must make our farmers rich. If they are poor we will continue to be poor”.
He noted, however, that however that limited access to large tracts of land and the absence of land banks remained a challenge to commercial farming.
“Many of our members and investors have had to abandon their investment decisions to engage in commercial farming owing to this challenge. We call on the government, as a matter of urgency, to tackle our land tenure system as well as create land banks to attract and sustain investment in commercial farming”, he said.
The third, the chamber president said was that the Ghana National Chamber of Commerce through the Federation of West Africa Chamber of Commerce and Industry (FEWACCI) was spearheading the establishment of a new regional shipping line under the name, Sealink Promotional Company Limited.
“Sea transportation is one of the cheap means of carting goods from one economic region to the other. However, inadequate sea transportation infrastructure has limited trade between and within regional blocs in Africa. Currently, trade within West Africa accounts for 12 per cent.
Against this background he said an efficient and barrier-free intra and inter-regional trade was critical for regional economies of West and Central Africa to effectively grow and compete at the global level.