Former President John Agyekum Kufuor
Former President John Agyekum Kufour has urged the government and entrepreneurs to focus more on driving the agenda of private sector export to save the country from over dependence on import.
He bemoaned the rate at which the country was totally import dependent and suggested that in order to gain hard currency from export, “it is important to focus on the private sector of export to save us from over importing and also gain the necessary hard currency from export because without that our currency will continue to fall” he said.
Speaking at a symposium to celebrate the fifth anniversary of Ideal Finance, on the theme ‘Building a strong private sector in Ghana, the role of Stakeholders” in Accra, former President Kufour stated that “In reality the public sector must be the critical infrastructure for the private sector to flourish, so the private sector in turn sustains the public sector.”
The country cannot afford to depend on its traditional export because of the currency. In order to build a robust private sector, President Kufour said “We need to earn the hard currency, with the growing population, there is no way we can depend on our traditional products and raw materials like cocoa, and others. We cannot get hard currency from them. We cannot predict on the cedi it will continue to fall. Yes we need to build private sector strongly in the concept of private public partnership but we target more of the private sector of export”
“We need to look at our macro-economic management, this is where the central bank comes. They need to collaborate with government as far as budget input is concern. We also need to live within our means and not overspend”
He cautioned against government’s excessive borrowing which is crowding out the private sector businesses and advised the Central bank to exact discipline in the financial sector,
Chief Executive Officer of Ideal Finance, Dr Nii Kotei Dzani indicated that the occasion offered them an opportunity to present and discuss the role they can play as stakeholders.
“To realize our potential as a nation, there is the need to develop a strong vibrant and viable private sector as a means to facilitate rapid economic growth and poverty reduction. This calls for major investments and policies geared towards private sector development.”
Also to accelerate economic growth and reduce poverty, Dr Dzani called for the creation of an investment climate.
“This can be achieved by reducing risks and costs of doing business and by securing private property rights, improving governance, simplifying regulations and promoting competition.”
Keynote Speaker for the event, Prince Kofi Amoabeng said there was a disconnect between banks and SME’s and encouraged banks to “bring themselves down to the small businesses and understand their needs.
Institutions would have to work and be efficient in their functions if we are to attract more investors in the country, Amoateng stated.
At the symposium, three distinguished persons were honoured for their contributions and leadership in shaping Ideal Finance, they included the CEO, Dr Nii Kotei Dzani; Board Chairman Naval Capt. Butah; and board member Arthur Nyamekye. They each received a plaque for their service.
