Minister of Commerce hails key role of private sector in economic recovery

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Minister of Trade and Industry, Alan Kyerematen

Trade and Industry Minister Alan Kyerematen praised the private sector for the critical role it has played and continues to play in the country’s agenda for economic recovery, growth and transformation, in particular by guiding the government’s economic stimulus efforts during the peak period. of the COVID-19 pandemic.

According to the Minister, the private sector has indeed proven to be the engine of the economy not only in words but in actions with its resilience and ingenuity.

“In Ghana, when the COVID-19 pandemic struck and there were severe disruptions in global supply chains, it was the private sector that quickly mobilized to cushion the impact of the pandemic, by producing personal protective equipment (PPE), hand sanitizers. , Personal care and pharmaceuticals.

“I make these remarks to establish the fact that the role of the private sector in national development cannot and should not be underestimated. With or without the impact of natural disasters, it is a well established fact in development history that the most powerful economies in the world are those that maintain a strong focus on private sector development, ”he said. He underlines.

Mr Kyerematen echoed what the private sector is still doing and which is to be bragged about is that plans are well advanced by the private sector to produce the country’s own vaccines in the short to medium term.

He further said that given the bold efforts of the private sector to support the government’s agenda, building a resilient and productive private sector to position Ghana as the main manufacturing hub in Africa is the top priority of the government.

The Minister of Commerce therefore warned the various state institutions and government apparatuses that when they support the private sector, this should not be interpreted as a favor of the private sector, but rather as an incentive to risk their capital for create jobs and increase income. population levels.

“However, in a similar vein, since there is a cost associated with inducing the private sector, the government expects the private sector to also meet its obligations by paying taxes and contributing its quota. national development, ”he said.

The minister made the remarks in his speech at the first Presidential Business Summit, an initiative coordinated by the Ministry of Trade and Industry, in collaboration with the president’s office, some ministries, departments and agencies.

The summit, which is described as part of the government’s public-private dialogue (PPD) framework, to help improve the business environment in the country, is expected to develop a workable trade pact, with clear commitments from both government and the private sector, as government is committed to fulfilling its obligations under the compact.

In the opening speech, he reiterated that it would take the resilience and ingenuity of the private sector to ensure economic growth and create sustainable jobs for the country’s youth.

According to the president, in order to be able to strengthen the country’s position as an economic power in West Africa, create substantial employment opportunities for young people who team up and support economic growth, it is necessary to fully recognize the role essential sector, from which the government would create an ongoing and constructive dialogue with the private sector towards the realization of this vision.

“I called on the ministers and heads of state institutions concerned to actively participate in the establishment of a constructive dialogue between the government and the private sector with a view to realizing our vision of a Ghana beyond. help.

“We will continue to strengthen and deepen our engagement with the private sector to achieve this goal,” he said.

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