AFIA NYARKO ASARE
The President, Nana Addo Dankwa Akufo-Addo has make a passionate appeal to the Governor of the Bank of Ghana (BoG) to review the existing high bank interest rates in the country.
Clarifying that a downward review of the interest rates is fundamental in making the private sector viable to make “Ghana beyond aid” a possibility.
He revealed at the Chief Executive Officers’ (CEOs) Executive Forum in Accra yesterday, that: “I have requested the Governor of the Bank of Ghana to interrogate the issue of high interest rates in Ghana and how the problem can be addressed to enhance the competitiveness of the private sector.”
He said although the government had succeeded in stabilizing the economy through improved micro-economic indicators over the last two years, high interest rates are still affecting the profitability of businesses.
“I am committed to fiscal rectitude becoming an essential feature of our DNA in the management of our public finances and national economy,” President Akufo-Addo said.
The CEOs Executive Forum is part of the government’s comprehensive public-private partnership (PPP) dialogue framework designed to provide structures to institutionalize mechanisms for consultation between the government, public and private sector actors.
The event was attended by the Minister of Trade and Industry, Mr. Alan Kyerematen; the Minister of Roads and Highways, Mr. Kwasi Amoako-Atta; the Minister of Finance, Mr. Ken Ofori-Atta, and CEOs of state agencies.
President Akufo-Addo underscored the important role the private sector played towards national development and stressed that the programme that was being rolled out by the government was meant “to bring prosperity to our people by working closely with the private sector to transform the economy.”
The President announced the establishment of a business regulatory reform programme that would help institutionalize structures for sustained dialogue between the government, public sector institutions and the private sector.
He said the initiative, which would be spearheaded by the Ministry of Trade and Industry (MOTI), was meant to provide the stakeholders with a common platform for enhanced consultation on government policies, business regulatory frameworks and compliance regimes.
The programme among other things focused on targeted reforms to sustain the ease of doing business, create a one-stop-shop registry of all business regulations, a permanent public-private dialogue mechanism and targeted regulatory reliefs for small and medium-scale enterprises (SMEs).
He also explained that one of the seven-point agenda that would be pursued under the reform programme was targeted reforms to ensure that the country improves and sustains its ranking on the World Bank’s Ease of Doing Business Report.
President Akufo-Addo added that a regulatory impact assessment would also be introduced as part of the reform programme to build a permanent system for quality control of new business regulations.
He also said targeted regulatory reliefs would be introduced to grant SMEs at the early stages of development, reliefs from regulatory requirements to stimulate higher levels of entrepreneurship.
AFIA NYARKO ASARE