Private sector holds the key to Ghana's accelerated devt

Hon. Kwamena Bartels, Ghana’s Minister for Private Sector Development has said that the private sector held the key to the accelerated development of the country.

He said the Government’s recognition of this crucial role underscores the President’s concept of the Vision of a “Golden Age of Business” and the creation of a separate Ministry for the private sector.

He said the dawning of the “Golden Age of Business” had opened to a wide range of business opportunities “as the private sector takes centre stage while the Government takes a back seat and play in the role of facilitator.”

Mr Kwamena Bartels said despite this philosophy, the Government would still play a major role by setting the stage and getting the actors the best possible role.

These remarks were contained in an address delivered by him at the prestigious British Institute of International Affairs in London as part of his visit to the UK, at the invitation of the Foreign and Commonwealth office and Trade Partners of UK.

Present at the lecture were three members of the Ghana Investors’ Advisory Council – Mrs Elizabeth Villers, Dr Kofi Amoah and Eliais Preko.

Mr Bartels who spoke on the theme - Financing Sustainable Development, Poverty reduction and the Private Sector – Finding Common ground on the ground - The contest for the Private Sector’s contribution,” outlined measures which had been instituted to attain the realisation of the Golden Age of Business.

On institutional reforms, he called for a new thinking in the country’s institutions “that is “pragmatic, developmental and economically rewarding to both the individual and the country.”

He declared: “We will critically look at our land, our financial institutions, our public service and civic institutions and re-align them in tandem to our policy of shifting economy from Government to the private sector”.

With regard to innovation and entrepreneurship, Mr Bartels said the Government would build institutions that would nurture business leaders and provide breeding grounds for businesses which would be key to the economy.

Touching on public–private sector partnerships, he said, the active promotion of partnership in which the state’s limited resources would be leveraged against private capital and entrepreneurial abilities, would be encouraged. Such partnerships, he added, would be characterised by the sharing of investment risk responsibility as well as reward between the partners - the state and the private sector.

He said by doing so the Government, while maintaining its overall role and responsibility of providing for social services, would also benefit from the strengths that the private sector would bring to the table.

He said the overall beneficiary would be “the society, our communities and the general public” and added that some of the partnership envisaged would come to the district assemblies and Local Government Authorities.