Accra, Nov. 24, GNA - The Governing Council of Private Enterprise Foundation (PEF) has pledged support to the Government to take the bold decisions needed to create congenial atmosphere for Small, Medium and Large Scale entrepreneurs to operate.

The Council pointed out that the current status of the economy demanded stringent measures by the Government to increase revenue mobilisation adding "we welcome the initiatives contained in the 2011 Budget to widen the tax net to make room for more resources to sustain the country's macro-economic stability".

Mr Asare Akuffo, President of the Governing Council made the pledge when addressing the 10th Annual General Meeting of PEF in Accra on Wednesday.

PEF is the national centre for advocacy and promotion of the private sector. Mr Akuffo, who is also the Managing Director of HFC Bank Ghana Limited, called on the Ministries, Departments and Agencies to operate under performance contracts signed with the State Enterprises Commission, private sector and other stakeholders to offer reliable and trustworthy service to facilitate growth. He said even though there was improvement in macro-economic stability, the regulatory environment and the investment climate had led to a new improved business environment for an effective private sector growth, the sector continued to face challenges which, if addressed would enhance its growth.

"These include infrastructural problems that add to the cost of doing business, ineffective business associations, dishonouring of contracts and agreements, negative attitudes towards time, an inefficient public sector and the recurrent macro-economic instability," he said. Mr Akuffo called on the Government to take a critical look at the real sectors of the economy, such as agriculture and manufacturing sectors and find ways of addressing their problems, adding no sector should be neglected.

He urged government to exhibit greater commitment towards the fight against corruption by adequately resourcing the Economic and Organised Crime Office and the Commission on Human Rights and Administrative Justice to enable them operate independently.

Mr Akuffo proposed the establishment of Special Petroleum Local Content Fund with contributions from operators and contractors as well as creation of separate, well resourced and empowered agency to implement local content. He noted that implementation of these proposals would ease the apprehensions of stakeholders in the private sector that they would not have the opportunity to participate in the oil industry. Mr Akuffo called for the re-institution of regular dialogue with the Government to enable them work closer to solve the challenges hampering the development and growth of the private sector. Dr Albert Kofi Asamoa-Baah, Financial Sector Advisor at the Ministry of Finance and Economic Planning, gave the assurance that the 2011 Budget had many opportunities for the private sector and advised them to continually engage with the Government to address their concerns. 24 Nov. 10