PBS Business Compact will be fully implemented – Akufo-Addo assures private sector players

President Akufo-Addo has assured private sector players that the Business Compact which will constitute the outcome of the inaugural Presidential Business Summit (PBS) between government and the private sector, will be fully respected and implemented on the side of his administration.

The PBS is an annual calendar event organized by the Ministry of Trade and Industry, in collaboration with the Office of the President and selected ministries, departments and agencies.

The Summit aims at providing a platform for structured dialogue between government and the private sector on critical areas of interest to the private sector.

Speaking at the opening ceremony of the two-day inaugural Presidential Business Summit at the Kempinski Hotel Gold Coast City under the theme: ‘Public-Private Dialogue on the Role of the Private Sector in Ghana’s Post COVID-19 Economic Recovery,’ President Akufo-Addo said a strong private sector is the surest way for the Ghanaian economy to fully recover from the effects of the COVID-19 pandemic.

“The thematic areas and sectors selected for deliberations during this two-day Presidential Business Summit have been carefully chosen to ensure that the outcome will be an actionable ‘business compact’ with clear commitments for both government and the private sector,” Akufo-Addo said.

“Government will ensure the fulfillment of its obligations under this compact and I hope that you, private sector operators, will also do the same,” the President added.

Trade Minister

Trade and Industry Minister, Alan Kyerematen, in his remarks noted that the outcome of the summit, the Ghana Business Compact, will detail out specific priority areas of government policy interventions in support of private sector development and will feed into government’s policy framework for private sector development, including the budget statement and the economic policy for the year 2022.

Five Thematic Areas

The deliberations in the plenary sessions will focus on five cross-cutting thematic areas which are: firstly, Fiscal and Non-Fiscal Incentives to Support Production and Private Sector Development; secondly, Foreign Exchange Regulation and Currency Stability; thirdly, Access to Finance and Cost of Capital; fourthly, Energy Pricing, Availability, Access and Reliability and; lastly, Supporting Local Industries through Government Procurement and Local Content Regulation.

Seven Economic Sectors

There will also be breakout sessions for a deep dive into seven economic sectors, namely; Agriculture and Agribusiness; Manufacturing; Construction and Mining; Financial Services; Information and Communication Technology; Tourism and Hospitality; and Transport and Logistics.

Summit Speakers

Speakers at the Summit include Mr Pierre Frank Laporte, the Country Director for World Bank Group; Mr Yaw Osafo-Maafo, Senior Presidential Advisor; Mr Alan Kyerematen, Minister of Trade and Industry; and Mr Ken Ofori Atta, Finance Minister.

Other speakers will include Dr Matthew Opoku Prempeh, Energy Minister; Mr Charles Adu-Boahen, Minister of State at the Ministry of Finance, and Dr Ernest Addison, Governor of the Bank of Ghana.

Wilberforce Asare

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