Gov't committed to creating a vibrant private sector

Swedru (C/R), July 16, GNA - Mr. John Gyetuah, Deputy Minister of Trade and Industry, on Thursday said government was determined to develop a vibrant private sector that would drive growth, expansion and diversification of the economy.

"This agenda for private sector development is indeed central to our vision of a Better Ghana and our strategy of Investing in people, jobs and the economy", he said.

The deputy Minister said this at a Konrad Adenauer Foundation (KAS)-sponsored Retreat organized by the Private Enterprise Foundation (PEF) for the Parliamentary Select Committee on Trade, Industry and Tourism at Swedru in the Central Region.

The retreat is to foster partnership between the private sector and the legislature.

He said the ministry's engagement with the foundation has been beneficial in terms of formulation, implementation and monitoring of policies and programmes, in addition to providing feedback designed to improve performance and delivery.

The ministry, he noted, was therefore working with the oversight committee to quickly bring to fruition a number of important policy initiatives designed to improve trade, investment, quality standards, business registration and licensing under the first phase of the Private Sector Development Strategy (PSDS).

Mr. Gyetuah mentioned Education-Industry Linkage in the establishment of a Skills Advisory Board, Curricula of Tertiary institutions aligned to the needs of industry, the establishment of specialized training centres for targeted sectors, and sourcing opportunities for Small Scale Enterprises (SMEs), as some of the interventions put in place under the Trade Sector Support Programme. Mr. Klaus Loetzer, KAS Resident Representative, said it was trade rather than aid that would serve as the driving force of the economy, and that the slow development of trade could affect the entire country.

The legislature, he said, has a responsibility to show interest in the impact of bills brought to the House by the executive on the facilitation of Trade and development. As members of the legislature they are also privileged to invite sector ministers to the house to answer questions bordering on the development of trade and tourism. He called on Ghanaian economists and politicians alike to ensure the right public policy and market order for economic prosperity. Dr Osei Boeh-Ocansey, Director General of PEF, said it was their role to help to grow the private sector and the economy by maintaining a close relationship with all trade and business associations in the country to enhance the business environment.

He said the global economic down turn has affected developing countries such as Ghana, its effects being weak demand, shortfalls in remittances, and slowdown in donor support, among others. He added that it was for this reason that the meeting was organized for the select committee on Trade, Industry and Tourism to deliberate on the influx of foreigners into the retail trade, as well as the establishment of a tourism fund.

The Chairman of the Select Committee on Trade, Industry and Tourism, Alhaji Amadu Sorogho, lauded the KAS/PEF Initiative and said parliament would help remove the bottlenecks and work to develop the trade, tourism, and allied sectors. He, however, added that it was pertinent for the PEF to also put their house in order.