The Ministry of Finance, in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group, held the first Ghana Mutual Prosperity Dialogues in Accra. This dialogue provided a platform for industry leaders and government officials to focus on enhancing private sector growth, attracting more investment to the country, and creating job opportunities for Ghanaians.
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The theme of the inaugural dialogue was "Business perspectives on boosting investment, growth, and jobs now." Attendees included ministers, representatives from financial institutions, business chambers, policy think-tanks, advocacy groups, the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverages Association of Ghana (FABAG). The Ghana Investment Promotion Centre (GIPC) and the Tony Blair Institute for Global Change also participated as partners.
The dialogue featured two-panel sessions, where representatives from the public and private sectors exchanged ideas on achieving sustainable and successful collaboration. Discussions resulted in several key outcomes, including the harmonization of tax regimes, the simplification of business regulations, the fostering of government-private sector collaboration, and the maintenance of a conducive economic and politically stable environment.
In his keynote address, the Minister for Finance, Mr. Ofori Atta, emphasized the importance of dialogue and expressed his commitment to engaging in frequent conversations to drive economic change in Ghana. He provided an overview of the economy, highlighting that the country is on track to surpass the revised growth target of 1.5% for 2023. He also expressed optimism regarding the approval of the next tranche of funds from the IMF PC-PEG program by the IMF Board.
The Minister for Trade and Industry, Mr. KT Hammond, lamented the underutilization of the private sector as a driver of economic development in Ghana. He commended the Ghana Mutual Prosperity Dialogues for promoting the recognition of the private sector as change-makers and leaders of national development. He stressed the importance of creating a level playing field and implementing appropriate policies to enable the private sector to thrive.
Mr. Kyle Kelhofer, Senior Country Manager at IFC, emphasized the need for synergy between public and private enterprises. He highlighted the role that IFC has played in Ghana's economy over the past decade, bringing nearly $2 billion in investment and providing advisory and technical assistance programs to businesses and the government.
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The forum aimed to increase business confidence in the government, provide clarity on government policies and commitments, and ensure sustained consultation with the private sector in policy formulation. Seth Twum Akwaboah, President of the Association of Ghana Industries, commended the inclusive approach of the dialogues and expressed Ghanaian businesses' desire for viable partnerships and investments in the productive sector to leverage opportunities in larger markets.
The Ghana Mutual Prosperity Dialogues set the stage for collaborative efforts between the public and private sectors to drive economic growth, attract investment, and create meaningful employment opportunities for the people of Ghana.
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