Home Critical engine The role of the private sector in economic recovery is essential – Minister of Commerce

The role of the private sector in economic recovery is essential – Minister of Commerce

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Mr. Alan Kyerematen.

Mr. Alan Kyerematen, Minister of Trade and Industry, reiterated the essential role of the private sector in the country’s economic recovery, growth and transformation agenda.

He noted that the sector has proven to be the engine of the economy during the COVID-19 pandemic and called for support from industry players.

The minister made the observation during the first presidential business summit, an initiative coordinated by the Ministry of Trade and Industry in collaboration with the president’s office, some ministries, departments and agencies.

The summit is part of the government’s public-private dialogue framework to help improve the business environment in the country.

“In Ghana, when the COVID-19 pandemic struck and there were severe disruptions in global supply chains, it was the private sector that quickly mobilized to cushion the impact of the pandemic by producing personal protective equipment (PPE), hand sanitizers, personal care and pharmaceuticals, ”he noted.

The minister said: “I make these remarks to establish the fact that the role of the private sector in national development cannot and should not be underestimated”.

He said that with or without the impact of natural disasters, it was a well established fact in development history that the most powerful economies in the world were those that maintained a strong focus on private sector development.

Mr. Kyerematen said that given the bold efforts of the private sector to support the government’s agenda, building a resilient and productive private sector to position Ghana as the main manufacturing hub in Africa was the government’s top priority.

He therefore called on all state institutions and the government apparatus to provide support to the private sector.

The minister said that such support should not be seen as a favor of the private sector, but rather as an incentive for actors to risk their capital to create jobs and increase the income levels of the population.

“However, in a similar vein, since there is a cost associated with inducing the private sector, the government expects the private sector to also meet its obligations by paying taxes and contributing its quota. national development, ”he added.

President Nana Addo Dankwa Akufo-Addo said that in order to be able to strengthen the country’s position as an economic power in West Africa, create substantial employment opportunities for young people who team up and support economic growth, he It was necessary to fully recognize the essential role of the private sector.

“The government will therefore create an ongoing and constructive dialogue with the private sector towards the realization of this vision,” he said.

The President said: “I have called on the ministers and heads of state concerned to actively participate in establishing a constructive dialogue between the government and the private sector to realize our vision of a Ghana beyond. help “.

He assured that the government would continue to strengthen and deepen its engagement with the private sector to achieve this goal.

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