Tech n' Biz

Ghana ventures into private sector investment and job creation.

The initiative, convened by the Ministry of Finance in partnership with the International Finance Corporation (IFC), aimed to harmonize tax regimes, make business regulations clear and easy to understand, and enhance talks between government and the private sector. Key takeaways from the event included the harmonization of tax regimes, making business regulations clear and easy to comprehend, and enhancing talks between government and the private sector.

Finance Minister Ken Ofori-Atta highlighted the importance of the initiative as it brings together the two critical sectors of the economy – private and public – to drive growth and transform the economy. He emphasized the need for frequent engagements and conversations for the change Ghana desires. The interactions between the public and private sectors are expected to define appropriate plans, policies, and timelines to accelerate the turnaround and transformation of the business environment.

Deputy Finance Minister Abena Osei-Asare noted that the new journey between government and the private sector is crucial for the country’s growth. She emphasized that once a suitable atmosphere is created for the private sector to prosper, it will employ more people and pay more taxes, spurring long-term economic growth. A Secretariat has been established at the Finance Ministry to address bottlenecks that do not promote business growth.

Senior Country Manager Kyle Kelhofer of IFC emphasized the importance of regular dialogue between the government and the private sector to proffer solutions to Ghana’s economic challenges. He urged the government to gain insight from the discussions to make taxes reasonable, simple, and easy to pay, ensuring compliance.

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