The Member of Parliament for Techiman North and Minister for Trade, Agribusiness, and Industry, Hon. Elizabeth Ofosu-Adjare, has revealed that, the John Dramani Mahama led government will thoroughly discussed the proposed 24-hour Economy policy with the private sector to ensure broad national acceptance.
She made this statement during the National Economic Dialogue, where she stressed that government is committed to engaging stakeholders in shaping policies that drive economic growth.
Reflecting on the discussions, Hon. Ofosu-Adjare praised the energy and enthusiasm demonstrated by private sector participants, emphasizing the importance of incorporating their insights into economic policies.
“I had the opportunity to sit through the session and it was amazing the kind of energy the private sector brought to bear in bringing out what they think can help grow the economy.” She said
According to her, business owners thrives when conditions such as the debt-to-GDP ratio and sovereign ratings are favorable, hence government’s commitment in providing a stable macroeconomic environment.
“I’m also of the opinion that if you want to help a group of people you need to listen to them. They have indicated that if the macroeconomic environment is good, they are business people and they know how to thrive and so we should work on our debt to GDP ratio. We should make sure that sovereign rating is good and if that happens the private sector will thrive.
“Again they also spoke about policy consistency so I’m also of the opinion that policies must be carefully thought through so this 24-hour economy policy will be discussed thoroughly with them so that it will be acceptable by the whole country so if it happens like that then yes thereafter it will stay and people can plan with it.” She stated.
Hon. Elizabeth Ofosu-Adjare also addressed concerns raised by industry leaders about financing challenges, which hinder competitiveness. She acknowledged that high financing costs make it difficult for businesses to expand and pledged government support in addressing these concerns.
“I also saw a group of people who are stakeholders in this trade, agribusiness and industry, that want government to assist them in the area of financing. Financing is very expensive in the country and doesn’t make them competitive, and so the Finance Minister is here and he heard that, so I’m sure together we will work towards creating the environment for them to get good financing.
”One thing I’m also willing to work with them is the coordination within the agencies. In the Ministry of Trade, Agribusiness and Industry is the BRR units. That unit coordinates business registration and things like that. They don’t have the backing, so we are coming up with an act to make sure that the things that they ask for, the agencies are required by law to provide for them, if it happens like that business can be done expeditiously.” She disclosed.
Touching on land acquisition challenges, she acknowledged that long legal battles deter businesses from investing in land. To address this, she assured the private sector that the government is actively working on expanding land banks to facilitate business operations.
“I know the number of years that you stay in the courtroom to get justice for land litigation and so the business sector is not willing to be associated with acquisition of land. They want government to take the lead in this area and I can assure them that we’ve already started discussion for more land banks to aid businesses in the country.” She stated.
Source: elvisanokyenews.net