President Nana Addo Dankwa Akufo-Addo has encouraged stakeholders in the private sector to utilise fully the novel Public Private Dialogue Platform being introduced by his government to address issues of mutual concern in achieving the industrial transformation agenda of the country.

The platform offers a periodic forum where high-ranking government officials dialogue with representatives of the private sector on key segments of the national economy. The essence is to ensure that challenges facing those key sectors are quickly addressed.

“Creating wealth and prosperity for the vast majority of our people is a shared responsibility. My government is a listening one, and I encourage stakeholders to utilise the Public Private Dialogue Platform being introduced by my government to address issues of mutual concerns in achieving the industrial transformation of the country”, the President said.

The President made the call at the maiden edition of the Chamber Business Awards, of the Ghana National Chamber of Commerce, held at the Banquet Hall of the State House, in Accra last Saturday.

According to the President, it is in recognition of the important role the private sector plays in the development of any economy that government has made it a priority to create the necessary conditions for the private sector to flourish.

“We have begun to work on the fundamentals of the economy, because we believe that an improved macro-economy is a fundamental requirement for stimulating the investments we need for the significant expansion and growth of the national economy, and the generation of wealth and jobs”.

To this end, he said, interventions, initiated by government over the last 10 months, have resulted in a reduction of the country’s fiscal deficit, from 9.5% at the end of 2016 to 6.3% this year. Again, inflation has declined from 15.4% to 11.6% over the same period while other economic indicators have also seen some down trends over the period. These developments, according to the President, are as a result of deliberate policies put in place by government to propel its industrial transformation agenda, of which the private sector is a key partner.

“Government is pursuing an aggressive industrial transformation agenda with strong emphasis on private sector participation in the overall growth and development of the Ghanaian economy”, the President noted.

He added that it was important that the structure of the Ghanaian economy is transformed from being dependent on the production and export of raw materials to an industrialised value-added one. “Our generation has to accomplish this transition”, he noted.

In furtherance of this, government has initiated and industrial transformation programme to provide stimulus packages to revive financially distressed but economically viable businesses in the country.

Under this initiative, over 80 companies have been selected to benefit from stimulus packages as part of government’s revitalisation programme aimed at reviving these businesses, the President noted.

Additionally, some 190 business proposals have also been selected for implementation under government’s flagship ‘One District, One Factory’ initiative, to help provide the needed jobs and propel the country’s industrial transformation agenda.

Furthermore, government, in collaboration with the Association of Ghana Industries, have arranged a supplier’s credit facility for $2 billion from China to provide equipment, machinery and other facilities in support of the programme.

“The 2018 budget has allocated funding as government’s contribution, either as equity or in-kind support to the establishment of district enterprises”, he added.

The President noted further that the GCB Bank has also pledged an amount of GH¢2 billion while an additional amount of $340 million have been leveraged from local financial institutions towards the implementation of the ‘One District, One Factory’ programme.

“This is the kind of leadership and collaboration that is required collectively to build Ghana beyond aid, and I encourage business people to take advantage of these opportunities that have been created by the government”.

He applauded the chamber on its initiative of commissioning a team of experts to undertake industrial value chain projects which cover agricultural value mapping and intelligence, aimed at providing bottom-up data and business strategic modules to support Ghana’s agro-industrial drive. “It is a laudable initiative, and I pledge government’s support, and call on other stakeholders to do the same”.

The President assured members of the business community of his government’s commitment to provide the needed protection as the country moves steadily into the digital age.

“As we go online, there are legitimate concerns about cyberspace threats, and I wish to underline government’s efforts and commitment to secure our cyberspace”, he assured.

President of the Ghana National Chamber of Commerce, Nana Dr Appiagyei Dankawoso I, called on government to ensure that it provides the necessary incentives for businesses that abide by industry standards, as well as statutory requirements.

He commended government’s involvement of the private sector in the pursuit of an industrial transformation of the country.

He applauded the proposal by government to review electricity tariffs downwards as part of efforts in easing the cost of doing business in the country, but cautioned that the review must be done without government incurring additional cost.

“Indeed, energy is critical to business operations, and it is our expectation that government will ensure an efficient and competitive energy sector along the various channels of power production, transmission and distribution”, he added.

Minister of Trade and Industry, Alan Kwadwo Kyerematen also pledged government’s commitment to providing the most favourable business regulatory environment in its pursuit to becoming the most business-friendly nation on the continent.

“In this regard, the government is embarking on a very ambitious programme for business regulatory reforms,” he noted.