Vice President John Dramani Mahama, on Wednesday, urged members of the Private sector to be proactive by engaging the necessary business plans that would propel them to acceptable levels.
“I am aware of your perennial challenges of lack of infrastructure, inadequate credit facilities, among others, and this is why government has drawn up the Private Sector Development Strategy to empower you to succeed as the engine of growth.”
The Vice President said this when he launched the second phase of the Private Sector Development Strategy, aimed at fostering partnership between the private and public sectors for rapid economic growth.
The programme was patronized by businesses from the public and private sectors, development partners and politicians in the country and beyond.
The Strategy apart, its aim of providing a congenial atmosphere for business, among other issues, would reduce the cost and risk in doing business and provide over 500,000 jobs between now and 2015.
Vice President Mahama said the new strategy would also seek to protect businesses even with a change in government, so that businesses do not suffer unnecessary interruptions and imminent collapse.
“Private enterprises should not collapse due to change in governments; as such a situation could subsequently disrupt our orderly economic progress.”
The Vice President called on all the major stakeholders of the programme to exhibit commitment and dedication so as to achieve their targets within the next five years.
Madam Hannah Tetteh, Minister for Trade and Industry said the strategy, when implemented, would achieve 10 percent annual economic growth, ensure increased productivity and strengthen industries to produce to their highest levels.
She said the new plan would also make tertiary technical and vocational education more responsible and create employable skills for school graduates.
Madam Tetteh said the development strategy would also provide an appropriate platform for the financial sector to become more responsive to the needs and demands of the private sector, to increase productivity.
Nana Owusu Afari, President of the Association of Ghana Industries, expressed happiness that the private sector, which took a nose dive some years ago, was regaining its rudimentary responsibility of being the backbone of the country.
“The relief started with former President Kufuor’s Golden Age of Business programme and happily the current government has also continued with what we launched today.”
He commended government for involving the private sector in the drawing of the development plan from the beginning to the launch and called for closer partnership between government and them to achieve the objectives entailed in the document.
Mr Alan A. Moody, an official of the World Bank, who represented all the development partners, called on private sector businesses to learn from their successes and failures and adhere to the regulations governing private-public partnership to enjoy high productivity.