We need to hang our coat on private sector – Nana Osei Bonsu on path to economic recovery

The CEO of the Private Enterprise Foundation, Nana Osei Bonsu, says the way forward for Ghana’s businesses lies in the private sector taking the lead in restoring the country’s economic vitality.

Speaking in an interview, Mr Bonsu outlined his vision for a path to recovery, emphasising the importance of investing in local businesses to create wealth and jobs.

“People set up businesses to make money, not to create jobs. But when they make money, that’s when they can hire more people,” Mr. Bonsu explained.

He stressed that for businesses to thrive and ultimately contribute to job creation, there must be an enabling environment that allows them to recover investments and grow sustainably.

According to Mr Bonsu, the key to economic recovery is support for infrastructure development and a more favourable business environment.

He criticised the current policies, pointing out that Ghana often focuses on attracting foreign investments while neglecting the local private sector.

“We go around the world enticing big players and giving them tax breaks, but what about the small potatoes—the local businesses? They are the ones who can drive the recovery.”

He also discussed the importance of future policy frameworks that prioritize the private sector.

As Ghana approaches a new government administration in 2025, Bonsu urged the authorities to align more with the needs of local businesses.

“We should be asking, what do we want to do, and who do we rely on? The private sector is the vehicle to ensure Ghana’s economy prospers,” he stated.

Looking forward, he emphasized the necessity of better collaboration between the private sector and the government.

“Hang your coat on the private sector,” he advised, adding that the sector holds the potential to create wealth and increase government revenue through sustainable business growth.​