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Business News of Tuesday, 8 August 2017


Private sector must lead economic growth – Osafo Maafo

Senior Minister, Yaw Osafo Maafo has warned of dire economic consequences should the private sector be deprived of the needed support to grow.

He argues that policies should be made to support the private sector to play a lead role in the economy.

“Ghana must play a lead role and this means that our laws must support the private sector, give advantage to the private sector and should work together with captains of the industry. We must make sure that Ghana is on the right direction. We have to be thinking along this line,” he told participants at the 2017 Ghana Economic Forum organised by the B&FT in Accra.

He added that it is important for all public sector workers to work in the best interest of the private sector.

“The public sector should work hard whiles having the private sector in mind. Currently there is a ban on employment in the public sector because of the IMF agreement and that is why we should all support the private sector to expand and absorb the many people looking for jobs,” he stressed.

He further challenged local businesses to take advantage of the ECOWAS market to expand their operations.

He advised that businessmen should take advantage of the country’s strategic positioning in the sub region to grow their businesses and increase exports.

Touching on the importance of expanding to the sub-region, Mr. Osafo Maafo stated that goods produced in Ghana already enjoy some level of goodwill due to adherence to international standards.

He recalled that, “The Liberia Minister of Finance once said if you want to avoid fake drugs, buy drugs that are made in Ghana”.

“So this goes to show you the confidence other countries have in products that are made in Ghana. So what are we doing to domesticate the markets and to expand our markets in West Africa”.

“Let us resolve to get the economy resolved once and for all. Let us remove this tag of irreversibility on our heads. We will do well for some time, then later go back. We should get to a point where we make it impossible for any government to reverse the trends that are made,” he said.