We will Pursue Excellence, Despite Success - Baah-Wiredu

Accra, Nov. 12, GNA- Ghana's recent successes in sound economic management, which has led to a deep recognition by international private sector operators, rating agencies and the World Bank and International Monetary Fund (IMF), will not stop her from pursuing greater excellence towards a better life for her people.

"We will not get complacent with the moderate successes we have chalked so far over the last seven years, including the recent prize of good performance in the "Doing Business" report by the IMF, rather it will spur us on to examine other areas where we currently fall short and see how we can improve things."

Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning made the comments when Mr Michael U. Klein Vice-President, Financial and Private Sector Development of the International Finance Corporation (IFC) called on him at his office in Accra. He was in the country to hold meetings with government and private sector operators, academia and civil society groups.

Ghana was recently listed as having improved significantly in the area of doing business, which looks at areas such as ease of doing business, credit for business, protecting investors, starting a business, dealing with licenses, registering your property, paying taxes, trading across borders and enforcing contracts.

Ghana made improved 22 places to place 87th for 2008 in the 187 list, up from the 109 rank in 2007.The Doing Business Project provides objective measures of business regulations and their enforcement across 178 countries.

The Finance Minister singled out the media for commendation, saying that, "it is their critical and open reports that we in government have been kept on our toes and come this far. We would not have come this far without them."

Mr. Baah-Wiredu said enhancing the role of the private sector was a priority area of government's three pronged activity, which includes maintaining good governance and sound infrastructure development. Additionally, he indicated, government was working at improving on the revenue side of the budget, and ensure that we have significant funds for developing infrastructure.

Mr Baah-Wiredu said government was keen on reversing the trend in fiscal deficit, which had been a characteristic for a period now, adding, "We aim at keeping spending within limits."

He said Ghana was looking forward to further collaboration with the World Bank Group in becoming a significant performer, "not just a reformer. Ghana is determined to succeed and our 87th position on the Doing Business List should strive us to do better."

He told Mr Klein that, Ghana had actually grown beyond the International Development Association issues and must be considered within the scope of the International Bank for Reconstruction and Development (IBRD) to enable the country access more funds that would make us undertake bigger projects for development such as health, education, roads and human development.

"We are having a broad look at the IBRD, especially regarding Ghana and others considered credit worthy," Mr Baah-Wiredu added. Mr Klein admitted Ghana progress and congratulated the government and people for their efforts.

He said he was not certain on a clear statement yet on the IBRD position, but said the future on the subject was bright for Ghana. I must say that I have been very impressed with the outcomes of the meetings I have had with government and private sector and I appreciate the confidence that they all exude, Mr Klein said.

He however, expressed concern over the nation's fiscal deficit and urged government to keep the lid on spending, "since people are watching, not only the Bank group, but people who are interested and want to do business here."

Mr Klein said he was struck by the work of the Public Accounts and Finance Committees of Parliament and commended the role of the judiciary, even though there is need for improvement in the contracts enforcement aspect of the Report.

Nana Juaben Sireboe, Chief Director of the Ministry of Finance said the Ministry and government was keen on changing the national economy, improve lifestyles and general living conditions, saying that the steps in place are not for awards sake, but for the good of the country.