Free Market Economy is essential for economic growth-Survey

Accra, Dec. 24, GNA - The Institute of Economic Affairs (IEA) on Monday said free-market economy based on the freedom to choose, to produce and to exchange was identified as a crucial tool for the development of the private sector and the growth of the economy.

It was therefore essential to build a market-based economy that could be supported by strong institutions, which protected physical and intellectual property rights as well as appropriate interventions by government.

A release signed in Accra by Miss Abena Offe, Programmes Co-ordinator, IEA said this was the outcome of a current survey conducted by the Institute to assess the impact of two workshops, which were organised in collaboration with the Centre for International Private Enterprises (CIPE) in June 2007. It said some of the topics discussed at the workshop included the power of markets and the role of institutions, private sector development and constraints, Information production in a market economy and corporate social responsibility.

It said six months after the workshop, a representative sample of the participants had expressed their changing views on free markets and private enterprises.

According to the statement, Mr. Kwaku Kwarteng, Government spokesperson on Finance alluded to the fact that the workshop had strengthened his commitment to free markets and enabled him to increase his efforts in promoting free market ideas. He said before the workshop, he was of the view that the state must find ways of supporting the poor on the premise that individuals differ on entrepreneurial skills and abilities. Mr. Moses Dani Baah, People's National Convention (PNC) Member of Parliament for Sissala East said presentations and issues discussed at the workshop had shown that the world was moving towards a free market economy.

Mr. David Tetteh Assuming, National Democratic Congress (NDC) Member of Parliament for Shai Osudoku said knowledge gained at the workshop would help him in his dealings with Community based Organisations and corporate bodies in his constituency. The ultimate goal of the workshop was to build economic platforms in four political parties so that there would be broader support for economic reforms that seek to liberate markets. It brought together some leading members of the country's main political parties, business organisations, academia, and members of the civil society.