Private sector calls for common advocacy platform to drive economic transformation
Representatives of private sector organizations are recommending the establishment of a common platform for all private sector associations and groups to work towards influencing government policies to transform the local economy.
The common platform, which could be in the form of an apex body, would give the private sector a front to contribute, advocate and coordinate activities to support government achieve economic transformation.
The private sector stakeholders made the recommendations at the end of a roundtable meeting on the development of a compact that would enable the private sector to drive the economic transformation of the country.
The African Centre for Economic Transformation (ACET) is spearheading the formulation of the compact, which has a vision of a “strong, vibrant, stable and progressive private sector that is driving economic development in partnership with the state in a free and fair business environment”.
Upon completion by the end of 2024, the compact is expected to among other things, help create free and fair business environment devoid of political interference, promote investment in appropriate infrastructure to support business environment and strengthen Ghana’s industrial policy through political consensus.
Speaking in an interview, Prof John Asafu-Adjaye, Senior Fellow, ACET, said that formulation of regulations to demand businesses joined associations and belonged to chambers would help government collect the needed revenue from businesses by virtue of association with the recognised chambers.
He said that the Private Enterprise Foundation (PEF), which was established with a similar mandate could have excelled if it had a statutory backing.
Prof Asafu-Adjaye also disclosed that the private sector was looking to leverage the tier three pension funds to grow the sector.
“In the past, the private sector has been seen as a risky place to invest money, but the agreement was that there was a potential for higher returns on money from the private sector so, going forward, it was decided that we lobby government to consider the use of tier three pension funds for investment in the private sector to help the sector grow,” he said.
Mr Edward Akrong, the President of the Ghana Institute of Freight Forwarders (GIFF) , said the compact should be a roadmap for all successive governments to engage the private sector.
He called on associations to look beyond industry interests and work together for the greater good of the private sector.
Some associations that participated in the meeting are the Ghana Real Estate Developers Association (GREDA), Association of Ghana Industries (AGI), Ghana Employers Association (GEA) and GIF