Mr Peter Jones, British Higher Commissioner to Ghana, has identified the lack of access to information on external markets and inadequate physical infrastructure as major factors hindering the development of the private sector in Ghana.
He said although corporate taxes had reduced, rising tax burden in the form of levies, tariffs, import duties and national and local taxes continued to serve as disincentives to the private sector.
Mr Jones was speaking at a symposium on the theme: “Strengthening State Institutions for Private Sector Development” as part of the first anniversary celebration of the Finder newspaper in Accra.
He asked the private sector to support state institutions to ensure rapid economic growth and development.
Mr Jones noted that the state plays a crucial role in reinventing and enhancing the economy and promoting private sector businesses.
He suggested that Ghana and Africa should have a dual focus of attracting new industries and encouraging and assisting pre-existing ones, especially local manufacturers to improve the economy.