We’re working together to create an enabling environment for businesses – Abena Osei-Asare
The Minister of State at the Finance Ministry, Abena Osei-Asare has revealed that the government is actively partnering with businesses to improve economic conditions and foster a more supportive environment for growth.
She assured that all the policies outlined in the 2024 budget are on track, emphasizing the government’s commitment to creating an enabling environment for businesses.
“You should be rest assured that we are working together to make sure we create that enabling environment to make things relatively easier for them to do business,” she said.
Madam Osei-Asare highlighted signs of economic recovery.
“The rate of inflation is coming down, the volatility in exchange rates has stabilized, and we see prospects of growth. In the first quarter, GDP grew by 4.7%.
“Industry grew by 6.8%, the agricultural sector by 4.1%, and the services sector by 3.3%,” she said on July 25.
In his mid-year budget review to Parliament on July 23, Finance Minister Dr Mohammed Amin Adam attributed this positive performance to effective policy measures, robust economic management, and the unwavering spirit of the Ghanaian people.
However, the President of the Ghana Hotels Association, Dr. Edward Ackah-Nyamike Jnr has said the government is scoring positive points with some economic indicators like inflation, but it does not translate into gains for businesses.
He said the reality on the ground is that the economic environment is eroding the profit of businesses.
He said despite the sustainability the Finance Minister spoke about during his presentation of the Mid-year budget review in Parliament on Tuesday, July 23, “there is a mismatch between what is happening on the macro level and the ground.”
“Even when you try to get those macro figures right, we are still dealing with variables like the exchange rate because a lot of our hotels import several kinds of stuff as they are not available here.
“You have to deal with import duty, exchange rate and the cost of borrowing and other factors. When you compare this and what is being said about the bigger picture, there is a mismatch.”
Also, the President of the Ghana Union of Traders Associations (GUTA), Dr Joseph Obeng, expressed concerns about the stability of the local currency and urged government to maintain economic gains for the business community.
Madam Osei-Asare assured that the government is aware of these issues and is working to address them.
She emphasized that the government is fully committed to securing the revenue needed to implement its budget plans, even in an election year.