Business News of Wed, 21 Dec 201668
Alan Kyerematen is Trade Minister - Akufo-Addo confirms
President-elect Nana Akufo-Addo has officially confirmed Alan Kyeremanten will be his minister of trade and Industry.
Together with yet to be named Ministers of Finance Economic Planning, the team will have a responsibility of transforming the country's economy and ensuring a sustainable macro-economic stability.
Nana Akufo-Addo made the confirmation at a meeting with the Private Enterprise Federation at the Ghana Institute of Management and Public Administration (GIMPA).
The meeting was to lay bare his administration's strategy for the private sector for the next four years and the president-elect did not disappoint as he rallied support of the private sector for government's activities.
He said his government is committed to creating a competitive economy that will produce sustainable growth but that will require the involvement of two key sectors- government and the private sector.
He said government has a responsibility to create the congenial environment, which it will do, but the private sector also has a responsibility to take advantage of that environment.
"All irrational policies will be stopped," he promised and guaranteed a shift from the policy of taxation to that of production which will boost the economy.
"...You asked for a government that worked with you rather than dictate you...You are getting it," the president-elect stated, charging, "roll up your sleeves and get to work."
Nana Akufo-Addo said with his able vice president all "nuisance taxes" will be removed to free the private sector to expand.
Economic transformation was one of the trump cards of the New Patriotic Party ahead of the 2016 elections with promises of a stable economy that will provide jobs for the jobless youth.
'Lack of Jobs'
"Easily the most crucial problem is the lack of jobs" the president-elect reiterated but was quick to add "job creation is essentially a private sector activity."
Nana Akufo-Addo said his administration has an agenda for job creation in place and invited the private sector to join in the agenda to create jobs.
He said the famous one-district-one-dam promise made during the election will be fulfilled in partnership with the private sector.
The president-elect also lamented the high cost of doing business in Ghana which he said is a disincentive to economic growth and development.
He said for a government that has a record of growing the economy to 9% without oil in 2008, the new task for his administration will be to ensure sustainable growth in the economy.
He said his administration will refocus the activities of the national investment bank to provide capital for private sector initiatives, to attract finances and investment opportunities to young entrepreneurs.
He said his attention will be on dynamic business entrepreneurs without regard to their political affiliation.