Flourishing economy to boost private sector growth – Gov’t

Adnan Adams Mohammed

The government says it has achieved favorable macroeconomic situation which is an indication of its commitment to ensuring a conducive business environment to propel private sector growth.

The positive signs in the macroeconomic indices are as a result of the government’s effort to restoring fiscal discipline in the management of the economy.

The country’s major macroeconomic indicators have improved with policy rate hovering around 16%, inflation rate in single digit, a high GDP growth for the past two years among others despite the challenges associated with the financial sector clean-up.

“We, in Ghana, are taking steps to put our country onto a similar path. Maintaining a stable macro economy is fundamental to attracting private sector investment,” President Akufo-Addo said when speaking at the 7th Tokyo International Conference on African Development (TICAD). Adding that, “We have restored fiscal discipline, our macroeconomic indices are pointing in the right direction, we have implemented tax cuts and incentives to stimulate the rapid growth of the private sector, and we are projected, according to the International Monetary Fund, to be the fastest growing economy in the world this year.”

The President noted that Ghana and Africa must emulate the story of the East Asian Miracle, if the potential of the country and continent is to be realized. Further indicating that, the twenty-three (23) countries of East Asia, especially Japan, from 1965 to 1990, grew faster than all the regions in the world, largely because of their belief in the primacy of the private sector, and the critical support they offered to ensure it survived and thrived.

This, the President stressed, has led, in his time as President, “to some of the world’s largest vehicle manufacturing companies signaling their intention to set-up assembly plants in the country, with global energy giants investing in the development of our considerable oil and gas deposits, and the establishment of the first Artificial Intelligence Centre in Africa by Google in Ghana. Their decision to operate in Ghana is for good reason.”

Additionally, President Akufo-Addo told his colleague heads of state and governments that Ghana, under his leadership, is leveraging technology to help reform and improve the country’s institutional and regulatory processes, to develop a digital economy that is supporting sustained economic growth, and improving the wellbeing of our citizens.

“We are embracing fully the advancements made in the digital world to help drive growth and increased productivity of our economy,” he added.

Additionally, the President noted that if the aspirations and desires of Africa’s young populations for jobs, progress and prosperity, are to be met, then the structural transformation of Africa’s economies can no longer be postponed.

“It is time we also traded in the world economy, not on the basis of exports of raw materials, but on the basis of things we make and grow”, he said.

With the future of Africa and her economy going to be driven by the youth of the continent, President Akufo-Addo was confident that “they are going to build Africa, and we, in Ghana, are determined to provide them with the skills to do so. The vision is to build a free, prosperous, self-reliant Africa, an Africa Beyond Aid.”