We’re working to address difficulties facing economy, private sector – President

The government is not oblivious of the current economic challenges facing the country and the difficulties businesses are going through as a result of rising inflating and depreciation of the Cedi, the President, Nana Addo Dankwa Akufo-Addo, has said.

He said government was working hard to, among others, stem the tide of surging inflation and depreciation of the cedi, to bring relief to businesses.

President Akufo-Addo said this in speech read on his behalf by Senior Presidential Advisor, Yaw Osafo-Maafo, during the Ghana Club 100 Awards at the weekend.

The programme organised by the Ghana Investment Promotion Centre (GIPC) and 19th in the series was on the theme “Ghana’s Private Sector – A Catalyst for Pandemic Transformation,” was sponsored by KGL Foundation, M&G Pharmaceutical Limited and other partners.

Zeepay Ghana Limited emerged winner, followed by Newmont Ghana Gold Limited, which also won the GIPC special award on Corporate Social Responsibility, Multipro Private Limited came third, Gold Fields Ghana Limited came forth, and Scancom Plc took the fifth position.

Maphlix Trust Ghana Limited took the sixth position,  Amanex Company Limited, took the seventh position, Express IDS Consult Agency Limited took the eighth position and Newmont Golden  Ridge Limited took the ninth position,  and GCB Bank Plc was adjudged the tenth best company and lead the pack in the banking and financial sector.

 As part of the programme, the GIPC launched the GIPC Mentorship Programme, meant to support the youth to create their own businesses.

President Akufo-Addo said government was working to address the economic difficulties facing the country and create a conducive environment for the private sector to thrive.

He mentioned the current negotiations with the International Monetary Programme for balance of payment support and the GH¢100 billion COVID-19 Alleviation and Revitalisation of Enterprises Support (CARES) “Obaatan pa” programme, aimed  at promoting recovery and accelerating post-COVID economic transformation led by the private sector- the engine for growth and job creation, as some of the measures government was pursing to improve microeconomic conditions in the country and boost economic growth.

He said the world was at a cross-road and the COVID-19 and the Russian Ukraine war had shattered the economy and brought untold hardship to individuals and businesses.

“The two unrelated episodes have affected the fortunes of the entire world,” the President, said.

President Akufo-Addo said his government believed in developing the economy on the shoulders of the private sector.

“We believe in the economy and that is led by the private sector.  We believe growth must be led by the private sector,” he said.

President Akufo-Addo lauded the private sector for its resilience, saying in spite of the COVID-19 and the Russian Ukraine war, some businesses were still strong.

He commended the award winners and also GIPC for organising the awards to recognise private sector businesses which had performed exceptionally over the year.

The Chief Executive Officer of the GIPC, Yofi Grant, in his address, said the award was to celebrate the most outstanding companies in corporate Ghana.

“After a two-year hiatus, it fills me with immense pride and joy to see us gathered once more to celebrate the private sector in Ghana,” he said, indicating that the programme was suspended in 2019 after the 18th edition due to the COVID-19 pandemic.

He said the COVID-19 had disrupted global trade and commerce, with its effects being felt by every country in the world, including Ghana.

“The private sector in Ghana has had to change significantly to accommodate the exigencies of the pandemic. Entrepreneurs and businesses were compelled to seek out and adopt new strategies to modify their business operations to remain productive and stable,” Mr Grant, said.


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