Formalize informal businesses for effective control

Accra, July 16, GNA - Mr Franklin Cudjoe, Executive Director, IMANI Centre for Policy and Education, on Wednesday called for steps to formalize informal businesses so as to ensure effective control of their activities.

Mr Cudjoe said the formalization would enable government and other copyright holders to collect funds necessary to develop the economy. He said this at a seminar in Accra on freedom and property rights organised by Friedrich Nauman Foundation to deliberate on the need to own property and protect in society. Currently, due to the informal nature of the business environment, players such as artists, film makers, writers among others, in the creative industry do not gain much out of their work because of piracy. He said the non-formalization of the sector made its regulation difficult which deprived the country and the creative minds of huge revenue.

He said even though, some sections of the public might consider property ownership as greed, it was a right enshrined in the 1992 constitution and which must be protected and respected. He said in societies where property ownership was not encouraged, people felt demoralized to aspire for wealth. Mr Cudjoe cautioned that people should not misconstrued property ownership to mean property grabbing in which case properties were acquired through foul means.

Mr Kofi Bentil, Senior Advisor, IMANI and a lecturer at Ashesi University said it was noble to own property adding that it changed the mindset of an individual. Mr Bentil said acquiring wealth enabled one to be generous as well as help to increase opportunities for others.