Economic turnaround: Akufo-Addo seeks private sector support
WITH almost all the macroeconomic indicators turning in the wrong direction amidst rising fuel prices, President Nana Addo Dankwa Akufo-Addo is seeking the support of the private sector to help turn around the
country’s dwindling economic fortunes.
He said the country would be able to withstand external global shocks if the private sector made more investments in the economy.
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The call comes at a time when the country’s debt to Gross Domestic Product (GDP) has been forecasted to hit 104 per cent, interest rates hovering between 32 and 35 per cent on average, inflation at 37.2 per cent
as of September, among many other challenges.
Despite the deep-rooted challenges, President Akufo-Addo was optimistic that as the catalyst to economic growth, the private sector had over the years done a good job so far and with more investments, the country would be able to recover from
the current problems exacerbated by the global economic shocks.
The President said that in a speech that was read on his behalf by his Senior Presidential Advisor, Yaw Osafo-Maafo, at the Ghana Club 100 Awards, which was organised by the Ghana Investment
Promotion Centre (GIPC).
He also emphasised the government’s commitment to driving the economy out of the current challenges with the right policies and programmes.
President Akufo-Addo said some of the measures being considered was the current negotiation with the International Monetary Fund (IMF) for assistance.
He said the government was aware of the challenges faced by the private sector and Ghanaians as a whole and was, therefore, working around the clock to get the country out of the present difficulties.
Most important contributor to GDP
At the awards ceremony, the Chief Executive Officer (CEO) of GIPC, Mr Yofi Grant, said the private sector, as the most important contributor to GDP and employment in the Ghanaian economy, had been resilient and demonstrated that it was the engine of Ghana’s post-pandemic
recovery.
He said it was, therefore, the responsibility of all stakeholders to accelerate that recovery with the innovations and interventions that had been implemented so far.
He noted that occasions such as the awards ceremony while setting a high standard for corporate excellence had added importance to creating the right avenue for the government to encourage the private sector and to redouble efforts in building a more resilient economy.
“The government of Ghana is poised to provide the necessary support to enable the private sector to grow from strength to strength and by extension, put Ghana back on the path of robust, sustained
growth,” he stated.
He commended the private sector for being able to withstand the COVID-19 pandemic, which brought a lot of companies to their knees.
“The private sector, stimulated by the COVID-19 pandemic, adopted technological adaptations and innovation in almost every element of their work, creating what we came to know as the ‘new normal’.
“Business operations that in yesteryears were done “manually” have become automated and working from home through the use of technology is now the order of the day,” he said.
He said digital technology was now playing a more significant role in the operations of businesses by leveraging digital platforms, including social media to market their products.
Similarly, he said mobile money and door-to-door delivery via courier services and internet usage for business operations had also increased.
He said the GIPC, being the foremost investment promotion agency in Ghana, would continue to complement the government’s efforts by instituting various measures and initiatives to provide the right support to the private sector.
Zeepay tops all
Financial Technology Company, Zeepay, was adjudged as the best company in the country, according to the rankings of the Ghana Club 100 awards.
Other companies that made it into the top 100 included Newmont Ghana Gold Limited, Multipro Limited, Gold Fields Ghana Limited, Scancom Plc, Maphlix Trust Ghana Limited, Amanex Co. Ltd and Express IDS Consult Agency Limited.
Others are Newmont Golden Ridge Limited, GCB Bank Plc, ASA Savings and Loans Ltd, EcoBank Ghana Plc, Nestle Ghana Limited, IT Consortium Limited, Polytank (Ghana) Limited, among others.
The top 100 companies awarded were in strategic sectors such as agriculture and agribusiness, financial services, ICT, infrastructure, petroleum, mining services, manufacturing, tourism, health and education.
An initiative of GIPC, this year’s awards ceremony was held on the theme: ‘Ghana’s Private Sector, a catalyst for post-pandemic economic transformation’.
Hard work
Speaking to the media after the awards, the Commercial Manager of Zeepay, Dede Afriyie Quarshie, said the recognition could be attributed to the efforts and hard work of the company’s management.
She said the insight of the company’s CEO had resulted in Zeepay being adjudged the number one company in the country.
“Zeepay is set to take over the mobile money industry both in Ghana and on the African continent,” she stated.
Side bar
- First held in 1998, the Ghana Club 100 awards event is an annual compilation of the 100 most outstanding companies in the country.
- It is aimed at introducing a system of ranking the top 100 companies in Ghana while encouraging and nurturing the private sector to develop and grow to compete internationally.
- The objective is to develop a database of the top 100 viable companies, as an annual “who is who” on the Ghanaian corporate business calendar and through creative media vehicles and activities, promote Ghana’s corporate capacity.
