The Private Sector Development Strategy (PSDS II) framework aimed at providing strategic responses towards the needs and challenges of private sector development has been launched, in Accra, yesterday. The main objectives of the strategy is to transform Ghanaâs economy into a more productive and efficiency- driven economy in order to compete internationally in a greater range of industries and also, widen economic opportunity for enterprises, improve livelihood throughÂ formal jobs and better opportunities to earn higher income.
Launching the PSDS II, the Vice President, Mr. John Dramani Mahama, in an address, noted that the strategy seeks to build a thriving private sector that creates jobs and enhances livelihoods for all.
He indicated that the strategy will be implemented across several ministries, agencies and departments embodying all stakeholders from the private sector, adding that ââgovernment considers its implementation critical towards achieving the objectives for the nationââ.
The Vice President stated that the sector is confronted with challenges such as institutional barriers, low productivity, inadequate and inefficient infrastructure such as roads, energy supply and poor access to markets.
Mr. Mahama, therefore, thanked all stakeholders in both the public and private sectors and all development partners who contributed towards the exchange of ideas in shaping the document.
The Minister for Trade and Industry, Ms. Hannah Tetteh, in a presentation on the strategy, emphasised that the strategy will encourage investors to deposit money in areas of the economy, make Ghana an attractive place for local and international entrepreneurs to start and expand their businesses as well as give incentives to businesses towards creating a more secure well-paid jobs.
She revealed that the Public Sector Development Board will establish an estimated amount of GHÂ¢1 billion Private Sector Development Fund which will receive money from the government of Ghana and attract funds from Development Partners and the Private Sector, to be spent exclusively on the implementation of the strategy.
Ms. Tetteh said government will create the right kind of business environment for businesses to thrive and remove obstacles that hinder private sector operations.
The President of the Association of Ghana Industries, Nana Owusu-Afari, on his part, urged government to work with the Association in order to develop other aspects of the charter which will require various stakeholders to sign onto the charter and uphold good business practices.
Source: ISD (Michelle Agbenorto)