Act on concerns of private sector now - Asantehene

The Asantehene, Otumfuo Osei Tutu II, has urged government to tackle the concerns of industry to transform the private sector into a real pillar, anchoring the nation’s economic growth.

Industry, he noted, was riddled with genuine challenges, and that these required deliberate policy direction and effort to resolve.

He said everywhere in the world, governments take the lead to create vibrant environment for local companies to operate, so that they can grow to create wealth and jobs for their people.

Otumfuo Osei Tutu made the call when he performed the official inauguration of an assembling plant built at Adako-Jachie in the Ejisu-Juaben Municipality, by Prefos Company, a Kumasi-based electrical engineering firm.

The plant has the capacity to daily assemble 500 pieces of street light bulbs for the nationwide street illumination project initiated by the government.

The Asante King suggested the introduction of incentives that would help propel indigenous Ghanaian companies to become more competitive.

He said he saw absolutely no reason why Ghana could not provide business incentives, such as tax concessions and credit facilities, to local entrepreneurs to expand their operations.

It is important to put in place measures to protect local industries, by introducing import quotas to reduce the dumping of foreign goods that can be easily produced in the country.

He pointed out that the private sector could not stand on its feet without adequate infrastructure – reliable electricity supply, water and efficient civil service.

Former President John Agyekum Kufuor underlined the critical importance of energy to the development of the private sector, and said not much could be achieved without an efficient energy sector.

He eulogized the Chief Executive Officer of Prefos, Mr Alexie Kwasi Fosu, for the bold initiative.

He said the situation where every bit of energy product component was imported was not good for the health of the economy.

Mr. Julius Debrah, Minister of Local Government and Rural Development, said Prefos was contributing immensely to the beautification and security of the cities and towns, and pledged the support of government.

Mr. Samuel Sarpong, Ashanti Regional Minister, expressed government’s determination to ensure sufficient and reliable electricity supply, to promote socio-economic development.

Mr. Fosu said the long-term goal of the company was to establish a hundred per cent locally based street lighting equipment manufacturing facility.