Nana Launches Presidential Business Summit

President Akufo-Addo has launched the Presidential Business Summit (PBS) aimed at providing a platform for structured dialogue between government and the private sector on critical areas of mutual interest.

The PBS, outdoors in Accra, will be an annual event under the auspices of the Ministry of Trade and Industry in collaboration with the Office of the President and selected Ministries, Departments and Agencies.

Opening the ceremony themed, “Public-private dialogue on the role of the private sector in Ghana’s post-COVID-19 Economic Recovery”, President Akufo-Addo said a strong private sector is needed for the economic recovery efforts following the pandemic.

“The thematic areas and sectors selected for deliberations during this two-day Presidential Business Summit have been carefully chosen to ensure that the outcome will be an actionable ‘Business Compact’ with clear commitments for both government and the private sector,” he said.

“Government will ensure the fulfillment of its obligations under this compact and I hope that you, private sector operators will also do the same,” the President added.

Trade and Industry Minister, Alan Kyerematen said the PBS will produce the Ghana Business Compact which will detail out specific priority areas of government policy interventions in support of private sector development.

Aside from that, he indicated it will also tie into the government’s policy framework for private sector development, including the budget statement and the economic policy for the Year 2022.

“The deliberation in the plenary sessions is to focus on five cross-cutting thematic areas on fiscal and non-fiscal incentives to support production and private sector development.

“It also included the development of ideas on foreign exchange regulation and currency stability, access to finance and cost of capital, energy pricing, availability, access and reliability and supporting local industries through government procurement and local content regulation,” he said.

Speakers at the PBS included the Country Director of the World Bank Group, Pierre Frank Laporte; Yaw Osafo-Maafo, a Senior Presidential Advisor; Alan Kyerematen, Minister of Trade and Industry; and Ken Ofori Atta, the Finance Minister.

It will also include Energy Minister, Dr. Matthew Opoku Prempeh; the Minister of State at the Ministry of Finance, Charles Adu-Boahen, and Governor of the Bank of Ghana, Dr. Ernest Addison.

President Akufo-Addo has assured private sector players that the Business Compact, which will constitute the outcome of the inaugural PBS between the government and the private sector, will be fully respected and implemented on the side of his administration.