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General News Thu, 21 Nov 2002

Ghana Has A Dynamic Private Sector - IFC Boss

The visiting Executive Vice President of the International Finance Corporation (not consortium) (IFC), Peter Woick has praised Ghana’s private sector describing it as more dynamic than other private sectors in the world. He however says the country lacks managerial expertise to run affairs of these enterprises.

According to Mr Woick, Ghana had the capacity to develop the private sector but needed the partnership, especially technical assistance, to finance the sector.

Mr Woick has therefore urged donors to provide more technical assistance to small and medium scale entrepreneurs instead of financing specific projects. The IFC Boss who is currently leading a four-member delegation on an official visit was speaking at the Castle, Osu when he paid a courtesy call on President Kufuor.

President Kufuor told the delegation that the development of the private sector is one of the five priority areas on the government’s agenda.

Mr Woicke, who is also the Managing Director of the World Bank Group for Private Sector Development, has already held consultations with the Economic Management Team and would inspect IFC investments in the country.

He would also meet some ministers, hold discussions with officials of financial institutions and visit the Tema Harbour, the Export Processing Zone and the Kotoka International Airport.

Source: .