On Thursday the 1st of June, Invest in Africa, in collaboration with Business Council for Africa, hosted an event featuring Ghanaian businessman and politician, Dr. Papa Kwesi Nduom, on the economic climate in Ghana post-elections at Simmons and Simmons.
Increasingly, Ghana has been victim to setbacks in economic growth due to a power shortage phenomenon. However, the new administration has promised an end to this economic hardship and the rampant unemployment among youths.
Dr. Papa Kwesi Nduom, with his experience in diverse business ventures and as founder of the Progressive People’s Party (PPP), examined the current business conditions to provide prospective solutions. He explained that while Ghana’s economic environment is good, systems need to be put in place to allow for the available opportunities to be cultivated. To achieve this, Nduom’s focus was on deregulation: the government must remove their influence on business transactions in the private sector. Furthermore, the underdevelopment of the infrastructure sector provides a promising opportunity for private sector actors to take advantage of; funding should be provided by the private sector and not the state.
Prosperous economies are characterized by increased efficiency, as transaction costs are reduced, and Nduom also suggested the re-allocation of the transportation, energy and water sectors to the private sector. In having focus and financial support fine-tuned to specific sectors, actors would not be overwhelmed with the responsibility and each can strive to achieve maximum functioning in their respective specialities.
Lastly, Nduom placed an emphasis on the importance of education, a sector where government expenditure should be directed. This will lead to an increase in the educated populace, the creation of more jobs and the potential for economic growth.
Invest in Africa’s (IIA) mission is to boost the economies in African countries. IIA strives to achieve this by pooling industry resources, knowledge and networks to support job creation and the development of local businesses. Their programmes, which include the Business Excellence Programme (BEP), function to improve human capital or the standards of local. In addition, the African Partner Pool (APP), a pioneer cross-sector business directory, makes local sourcing more efficient by connecting larger firms and local SME’s; thus creating a level playing field and delivering wide a socio-economic benefit.
Currently, the new administration in Ghana seeks to build the most business-friendly economy in Africa. The President believes this goal, which will create business and employment opportunities can be achieved through empowerment of the private sector.