The article highlights the urgent call for the Ghanaian government to implement budget measures effectively to facilitate private sector growth. PwC Ghana’s Mr. Vish Ashiagbor emphasizes the need for dialogue with the mining sector regarding levies and the importance of creating an enabling environment for agriculture. Additionally, government officials, including Mr. Seth Tekper and Mr. Goosie Tanoh, stress ongoing efforts to support local enterprises and reshape the economy to minimize import dependence.
The government has been urged to implement the measures outlined in the budget to foster an environment conducive to private sector growth. Mr. Vish Ashiagbor, Country Senior Partner at PwC Ghana, emphasized that the private sector has not yet fulfilled its potential as a key growth driver due to challenges in policy implementation. He noted the importance of following through on the budget’s business-friendly aspects after its announcement.
Regarding the growth and sustainability levy, Mr. Ashiagbor suggested that increased dialogue between the government and the mining sector is essential. The mining sector has expressed concerns that the proposed increase in the levy may impact their long-term investments. Thus, fostering open communication could lead to mutually beneficial solutions that take into account the government’s revenue needs and the mining sector’s interests.
In relation to agriculture, Mr. Ashiagbor pointed out that the allocation for agricultural development appears insufficient, especially given its significance in government growth initiatives. He posited that while direct investment in agriculture might not be indispensable, creating an infrastructure and supportive environment for private sector growth within agriculture, such as establishing agri-zones, could be highly beneficial.
Mr. Seth Tekper, the Presidential Advisor on the Economy, reiterated the government’s commitment to supporting local businesses, particularly through continual backing for the Exim Bank to encourage domestic value addition and export expansion. This support is deemed crucial for enhancing local value retention and reducing import dependencies.
Mr. Goosie Tanoh, the Presidential Advisor on the 24-hour Economy policy, stated that the government is focusing on restructuring the economy to lessen reliance on imports and promoting an accelerated export development program to tackle agricultural sector challenges. This comprehensive approach aims not only to limit imports but also to revamp the agricultural value chain for sustainable employment and long-term economic resilience.
The PwC Post-Budget Analysis serves as an extensive review of the government’s proposed fiscal policies and their anticipated impacts across different sectors. The insights provided signify the potential for the private sector to thrive through appropriate policy implementation and supportive measures.
In conclusion, the implementation of budget measures is critical for fostering growth in the private sector, according to insights from PwC Ghana. Key aspects include enhancing dialogue with the mining sector, prioritizing infrastructure development for agriculture, and increasing support for local enterprises. The government’s commitment to transforming the economic landscape through programs that prioritize local value addition indicates a strategic focus on sustainable growth and reduced reliance on imports.
Original Source: gna.org.gh
