Crony capitalism has spelt doom for genuine entrepreneurs, private sector - Togbe Afede XIV

Paramount Chief of the Asogli Traditional Area, Togbe Afede XIV, has expressed concern over a lack of genuine support to entrepreneurs and the private sector in the country.

According to him, successive governments have failed to provide the required support for entrepreneurs and create conditions for all to participate in the development process to reduce the burden on government, reduce the national debt and minimise public sector corruption.

In a write-up sighted by GhanaWeb Business, Togbe Afede said over the years, the few initiatives which are geared towards supporting the private sector, have been politicised.

“Tax waivers, duty exemptions and other incentives have become a privilege reserved for loyal party supporters instead of being targeted at sectors of the economy that need support to become globally competitive," he stressed.

He also noted that great ideas and initiatives by entrepreneurs and the private sector have not been supported merely due to selfish or political reasons.

“Crony capitalism has spelt doom for the genuine entrepreneurs, ensuring the happiness of a few, and discontent, misery and suffering of the majority,” he wrote.

Touching on some government initiatives under the governing New Patriotic Party such as NABCO, Togbe Afede XIV described 'as poorly planned' with no real chance of providing sustainable jobs for the youth.

“Poorly planned initiatives like NABCO have been the preferred short-term political reaction to the unemployment problem. But these, we all know, do not create real jobs, and thus cannot provide sustainable solutions to the youth unemployment problem,” he noted.

MA/FNOQ