Akufo-Addo rally round businesses

December 23, 2016
Source: Patrick Paintsil |thebftonline |Ghana
Akufo-Addo rally round businesses

  • Tax reliefs
  • Access to cheap funds
  • Cushioning for anchor industries

President-elect, Nana Addo Dankwa Akufo-Addo has announced that his government will leverage the huge prospect of the private sector to reposition the country as the most business and people-friendly economy on the continent.

According to him, a formidable public private partnership was the most viable way of building a competitive economy that will drive sustained growth as well as provide for a fair and prosperous society.

In his maiden encounter with the private business community under the auspices of the Private Enterprises Federation (PEF) in Accra, he said: “The NPP government hopes to build the most people-friendly and business-friendly economy in Africa in our quest to create jobs and prosperity for all Ghanaians. This, we want to do with the strong support of the private sector.

“As a government, we will set up an environment and climate that will allow the private sector to thrive; we therefore urge the private sector to have the confidence to exploit all the opportunities offered by such a business-friendly environment.”

Nana Addo Dankwa Akufo-Addo said the government under his leadership will work to boost the confidence of the private sector and create a competitive business environment; one that gives entrepreneurs and business owners the confidence to do what they want to do best.

He emphasized that the role of government is to provide an enabling environment for businesses to thrive as well as to put in place social interventions that protect the vulnerable in society.

The president-elect also assured private sector actors that the NPP government will work to restore macroeconomic stability by shifting the focus of economic management from taxation to production.

This, he said, will be anchored on the shift from taxation to production where both local and foreign investors will be incentivised to build anchor industries that will create the much-needed jobs and to encourage entrepreneurship.

He noted: “There are far too many taxes that have choked businesses in the private sector on the back of the high cost of capital.

“But we will work to empower businesses as a means to job creation while promoting an avenue for entrepreneurship development.”

Nana Akufo-Addo also gave the assurance that his government will manage the economy competently and rebuild the public sector to work to the benefit of Ghanaians.

“To achieve this, we need a well-educated population; an efficient public service and strong institutions and formidable economy that is capable of facilitating sustainable growth, jobs and shared benefits for all.

“We will reduce the cost of doing business, maintain fiscal discipline as well as cut down on government borrowings to spur private sector progress while enhancing the productivity of the agricultural sector by way of value addition and diversification”, he noted.

The Private Enterprises Federation (PEF) Post-AGM Business Forum was on the theme: “Strategy for private sector development” as the business community sought an insight into the vision of the incoming government towards the development of the dominant economic sector.

President of PEF, Nana Osei-Bonsu, pledged the commitment of the private sector to various government interventions that will help to grow both businesses and the economy.

He called on the Akufo-Addo government to focus strongly on boosting investor confidence by reducing taxes as well as ensuring fair competition that will create jobs and wealth.

He indicated: “We expect private sector-led national growth through sustained engagement with government.

“Government should not be tax biased towards foreign businesses but rather provide a level playing field in a competitive environment.”