You are here: HomeNews2016 12 22Article 496296

Business News of Thursday, 22 December 2016

Source: citifmonline.com

My gov't will not compete with the private sector - Akufo-Addo assures

The President Elect Nana Addo Dankwa Akufo-Addo has promised members of the Private Enterprise Federation(PEF) that his administration will not compete with the private sector for funds.

According to him, constant competition from government in the market is the cause of high interest rates, increasing the cost of capital in the country.

Speaking to members of the Federation, Nana Akufo-Addo maintained that the private sector will be the main leader in his agenda of economic growth.

He maintained that the mandate of government is to provide an enabling environment for the private sector to make businesses competitive.

“To attain a competitive economy that is capable of producing a sustainable growth, jobs and shared benefit for all, two key stakeholders must play their roles. First, the government by setting the environment and climate to allow private sector to flourish and secondly the private sector to have the confidence to exploit all the opportunities offered by the such a business friendly environment,” he said.

He assured that his government will set as priority, the agenda of making the private sector one of the most important areas in providing jobs to achieve economic growth.

“Once in government, our priority is to do all we can to give you the confidence and the positive business environment devoid of arbitrary and irrational policy initiatives and one that gives you confidence to do what you should do best to invest in the numerous opportunities to create jobs and prosperity”.

Outlining some main areas his administration will focus, Nana Akufo-Addo stated that job creation through economic stability will be a major priority. He cited for example that the focus will shift from taxation to production to boost the aggregate output of the country. “To achieve our objective, our principle economic policy direction will be to restore macroeconomic stability to shift the focus of economic management from taxation to production to manage the economy competently and make the machinery of government work to deliver the benefits of progress to Ghanaians,'' he said.

“The NPP will restore and maintain macroeconomic stability through the pursuit of sound policies on the bases of an enhanced institutional framework,” he added. He stressed that “macroeconomic stability is built around three pillars, monetrary discipline, fiscal discipline and financial stability”.