Government keen on protecting private sector growth – Abena Osei-Asare

Deputy Minister for Finance, Abena Osei-Asare, has highlighted the impact of private sector participation and its growth to economies like that of Ghana.

She underlined that because the private sector has the ability to drastically alter the economy, the government will nonetheless "protect the hen that lays the golden egg."

Delivering remarks at the maiden Ghana Mutual Prosperity Dailogues in Accra on November 2, 2023, the deputy Finance Minister recounted that at the height of the COVID-19 pandemic, the private sector showed up strongly in a timely manner.

She cited the establishment of the COVID-19 Private Sector Fund which offered critical assistance to government during the period.

According to the deputy minister, it is for this reason that among other things, the government and private sector need to engage in more extensive consultations and consensus-building in order to support the nation's growth and prosperity, solidify stability, and expedite the economic recovery.

“There is an urgent need for us all to continue to be intentional about leveraging the emerging stability to create a business environment that inspires confidence, increases investment, creates jobs, allows businesses to thrive and support the poorest and most vulnerable in our society,” the deputy Finance Minister said.

“The public sector will be present, in a more structured and regulated way, to listen and fashion responses to the concerns of the private sector. More importantly, mutual expectations will be made clear, co-leadership roles will be affirmed, agreements on concrete and actionable next steps will be reached,” she added.

The GMPD seeks to raise Ghana's competitiveness, draw in more foreign direct investment, and improve the business climate in the nation. The Ghana Model Partnership for Development (GMPD) aims to open up investment opportunities and advance Ghana's economic growth by promoting cooperation between the public and private sectors.

The initiative falls under the auspices of the Ministry of Finance, being the key actor in charge of the FDI dialogue in the country with support from the International Finance Corporation (IFC) providing the government with facilitation and technical assistance.

NOQ

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