Govt begins talks with development partners
The Finance Minister-designate, Mr Ken Ofori-Atta, has said the government has begun talks with its development partners and other stakeholders to introduce more reforms in the private sector to improve the ease of doing business in the country.
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This is in line with the government’s vision of creating a conducive environment for businesses to create jobs.
“Although Ghana has moved 13 places up on the Trading Across Borders in the 2017, World Bank Ease of Doing Business Report, doing business in the country is not flattering at all,” Mr Ofori-Atta told the GRAPHIC BUSINES after a meeting in Accra.
At the Ghana-Morocco Economic meeting held in Accra, the Finance Minister-designate said if African countries such as Kenya, Mauritius, Rwanda, South Africa, Botswana, Seychelles, Zambia and Lesotho introduced several reforms to attract businesses, Ghana could also do same within the shortest possible period.
To help revert the situation, he said the government was already in discussion to with the British Government to remove certain bottlenecks to encourage foreign investors.
“We are already in discussions with British Government on certain things we can remove and for them to facilitate this reforms. Discussions are underway and Dr Tony Oteng-Gyasi has been appointed by the government to ensure that it is done,” he said.
Fiscal stability law
He reiterated the commitment of the new government to introduce a fiscal stability and responsibility law to curtail huge budget deficits in the country.
To be able to hold macroeconomic stability in check, he said the law would ensure that governments declared and committed to the fiscal policy.
Mr Ofori-Atta, explained that the law which was expected to provide transparency and sanctions clauses would be introduced before the close of the year.
“The immediate passage and enforcement of a fiscal responsibility act for the country would be important in this regard if it is supported by political will,” he said.
He added that the government was committed to that effect and would also follow through actions that would attract investors and inspire confidence in the economy.
Bilateral trade
The 2015 International Trade Centre showed that Ghana’s export to Morocco was $3.6 million which represents 0.03 percent of Ghana’s total exports, while imports from Morocco amounted to $64.8 million, representing 0.29 percent of Ghana’s total imports.
He said the figures showed that much of the economic potential that both countries had to offer for the mutual economic benefits remained untapped.
The leader of the Moroccan Business Delegation, Mrs Miriem Bensalah, stressed that the governments in both countries needed to introduce numerous reforms for the private sector to thrive.
She indicated that the Moroccan delegation had been enthused about Ghana’s investment opportunities in the area of energy generation, mining, real estate, agriculture and tourism.
She said she was confident the business opportunities existing in Ghana should propel both countries to increase trade volumes from the current US$67million within the short to medium-term.
“We don’t have very flattering figures; we only do US$67million of exchange which is very low but in another hand as business leaders and business entrepreneurs, we see the potential for more added value and job creation,” she said.
“The private sector is the sector that creates the most and more sustainable jobs and this is a periodic map that should be integrated into all our countries,” she opined.
Strengthening partnership
The meeting was organised by the Ghana National Chamber of Commerce (GNCC) and the General Confederation of Moroccan Enterprises, with support from the Bank of Africa.
It was aimed at exploring the possibilities of establishing mutual cooperation and partnership that will deepen trade and economic ties between Ghana and Morocco.
The First Vice-President of the GNCC, Mr Clement Osei Amoako, said the meeting was also to strengthen Ghana’s quest to seek cooperation partnership as the best option to drive the country’s development agenda. — GB