Government to focus on thriving private sector – Minister

Ms. Hannah Tetteh - Trade Minister

Trade and Industry Minister, Hanna Tetteh on Wednesday said Ghana’s Second National Medium Term Private Sector Development Strategy (PSDS II) would focus on developing a thriving private sector to create jobs and enhanced livelihoods.

She said as a focal instrument for entrepreneurs the strategy aimed to offer a low-operating-cost environment, access to affordable capital, diversified enterprises and a more competitive and efficient markets for goods and services.

Launching PSDS II in Accra on Wednesday, Ms Tetteh said the Strategy, which spans 2010-2015, would help make the country an attractive place for local and international entrepreneurs to start up and expand businesses.

In addition, it would encourage investors to put money in areas of the economy other than mining, telecommunications and finance to give incentives to businesses to create more secure, well-paying jobs.

Ms Tetteh said to make the country attractive; government and the public sector would focus on improving the level and quality of roads, power supply and communications and also encourage banks to provide affordable credit to reduce the costs and risks of doing business.

To encourage investments in the other parts of the economy, the PSDS II would identify and provide special support to businesses operating in the new areas, she said.

The Sector Minister said government would also highlight new investment areas, strengthen industry groups and simplify rules and regulation governing employment to create secure, well-paying jobs in both urban and rural areas.

There would also be assistance to tertiary, technical and vocational training institutions to equip students with the right skills required by the private sector.

Ms Tetteh said the target at the end of 2015 was to have in place a well-diversified economy, less dependent on mining, cocoa and oil and able to attract the needed investment.

To be able to achieve these targets, the Sector Minister said, implementation of PSDS II, would be managed by an Independent Board to comprise people from the private sector, government, public sector, development partners to be chaired by a representative of the private sector.

The Board would also establish a GH¢1.0 billion Private Sector Development Fund with contributions from government, development partners and the private sector to ensure smooth implementation.

Nana Owusu-Afari, President of Association of Ghana Industries (AGI), said PSDS II was a shared commitment of government and the private sector to transform the economy and urged stakeholders to ensure its translation into action to achieve the set targets.

Source: GNA

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