Skip to main content

Private sector to keep gov’t on its toes

Unimpressed with the half-hearted execution of government policies, especially those that relate to their sector, industrialists have instituted measures to do their own tracking of policies.

Akin to a traffic-light situation, various promises made by government to the private sector are going to be put under red, amber and green colours over their implementation periods, depending on whether they are at a standstill, on-going or completed.

A template has been developed to catalogue the policies and track their implementation from start to finish.

“If the policies are well-implemented, we will clap our hands, and if they are not we will ask questions from the implementing agencies,” said Seth Twum Akwaboah, CEO of the Association of Ghana Industries, initiator of the policy-monitoring project.

The project is in collaboration with the Ghana Chamber of Commerce, the Ghana Employers Association and the Private Enterprise Federation, and is backed by the Busac Fund.

“We consider monitoring implementation of government policies a cross-cutting issue, and therefore the entire private sector has shown interest and will play our respective roles,” President of the AGI, James Asare-Adjei, said at a workshop in Accra that discussed Ghana’s competitiveness.

“The private sector has not been enthused with the implementation of policies such as the Private Sector Strategy II and the Industrial Policy,” the AGI President said. “What really went wrong? Is it that the policies were not well developed? Is it that the strategies that were not well understood? Is it the funding that was not made available? What is it?”

In the 2014 budget, government promised to undertake a number of measures to facilitate industrialisation -- including development of industrial parks throughout the country, revival of the Komenda Sugar Factory, establishment of the Ghana Infrastructure Fund, and an SME fund.

The budget statement also mentions a “stimulus package” for selected companies in the pharmaceutical, rice and poultry sectors.

While President Mahama cut the sod in August for revival of the Komenda Sugar Factory, a good number of the policies are yet to be implemented.

According to the AGI president, the private sector is prepared to partner government in the implementation of various policies, especially those that relate to industrialisation.

“Results of the monitoring activity will be shared with government, and will serve as inputs for enhancing the systems adopted for policy implementation. The results of this will be mutually beneficial for the government and the private sector, by creating a robust economy.”

A representative of the Ministry of Trade and Industry, Alex Mensah, told the industrialists that their concerns have been noted, and assured that they will be addressed.

“This year we are finalising the implementation procedure to kick-start implementation of the Private Sector Development Strategy II. So it will definitely be implemented.”

He also said a pilot scheme for the SME Fund will be rolled-out “soon” to mobilise and deploy about GH?50million from sources such as EDAIF and new loans and grants.

“The fund will have formal links with institutions such as Exim Guarantee and the Venture Capital Fund, as well as rural and micro finance.”

Credit: B&FT


Popular posts from this blog

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…

Graphic Communication Group staffs petition GJA Election Dispute Adjudication Committee

Some staffs of the Graphic Communications Group have petition the Election Dispute Adjudication Committee of the Ghana Journalists Association (GJA) concerning their grievances covering issues affecting the association.
The staffs of the company seeks some clarification on the mandate of the current executives of the association.

Dear Sir,
We the undersigned write to place before you our grievances covering issues affecting the Ghana Journalist Association, and we hasten to add that our grievances are placed before you in furtherance of our constitutional duty under Article 11 (e) of the 2004 Constitution of the Ghana Journalists Association.
We first of all seek clarification on the mandate of the current executives of the Association to be in office and take decisions to affect the wellbeing and welfare of the Associ…