Private sector to hold pre-budget forum

Accra, Sept. 18, GNA - The private sector is organising a pre-budget forum in Accra on Wednesday to express its views on their expectations when the government outdoors the 2007 budget in November.

Known as the "!Trade and Industry Forum=94 it would receive presentations on critical trade and industry issues by key private sector associations such as the Private Enterprise Foundation, Association of Ghana Industries, Ghana Chamber of Commerce, Association of Small-Scale Industries and Federation of Association of Ghanaian Exporters.

A statement issued in Accra on Monday by the Ministry of Trade, Industry, Private Sector Development and President's Special Initiative (MOTIPSD/PSI) said the sector Minister would chair the forum. The Forum is one of several scheduled dialogue platforms, including bi-monthly breakfast meetings that the Ministry is coordinating to engage the business community before, during and after policies are made.

The statement said last year, advocacy and dialogue with the private sector at a similar forum resulted in key concessions in the 2006 budget, including the removal of tariffs on active pharmaceutical ingredients; fast tracking the processing of VAT refunds and removal of 20 per cent import duty and 15 per cent VAT on light aircraft industry for agriculture, health and other purposes.

It said Ghana had been named the ninth best performer by the World Bank's Doing Business in 2007 Survey for cutting corporate tax from 32.5 per cent to 25 per cent and making it easier to export goods. The statement said a five-year medium term Private Sector Development Strategy designated to initiate reforms to enable businesses undergo rapid and sustained growth was being coordinated by the Ministry.