Private Sector vital for economic development - Ntorinkansah

Mr Harold Ntorinkansah, Technical Director of Addicent Foods Limited in Tema, has observed that the active participation of a healthy, competitive private sector was crucial to the nation's economic development and growth.

"Indeed, the private sector creates jobs, wealth, social security, pays taxes, provides market for both finished and unfinished goods."

Making the observation at a business forum organized by the Ghana-South Africa Business Chamber, to commemorate its Annual Week celebration in Accra, Mr Ntorinkansah was, therefore, of the view that private enterprises deserved a better deal that would turn around their fortunes and by extension boost the economy.

Speaking on "The New Banking Reforms and the Development of the Private Sector - Prospects and Challenges", he said the challenges free market economy posed to the private sector included under-capitalization, lack of productive capacity, lack of market access, lack of improved technology, lack of long term capital and lack of appropriate managerial skills, among others.

Mr Ntorinkansah pointed out that Ghana's economic reforms could not have been complete without reforming the banking sector, noting that the banking sector reform, was, indeed one of the main thrusts of the Economic Recovery Programme.

"Through these reforms in the banking sector, macro-economic and financial sector stability have steadily improved, removing key constraints to private sector growth."

He noted that the many interventions so far made to improve the relationship between financial institutions and entrepreneurs, were all aimed at increasing access and removing bottlenecks associated with credit.

Mr John Dadzie of ECOBANK, stressed the need to sustain the macro-economic stability in the country.

Mr Dadzie was of the view that the banking reforms had so far had positive impact on the national economy.

He called for further inputs into the private sector to help reduce the financial intermediations in the system.

Mr Rapu S. Molekane, South African High Commissioner in Ghana, said he was happy to see the growth of the Chamber, and the enthusiasm of members to move it forward.

Mr Molekane said it was gratifying to note that his country and Ghana were enjoying similar business climates and growing economies, adding that there were a lot South Africa and Ghana could learn from each other.

Mr Samuel Boimbill-Johnson, President of the Chamber and General Manager of MultiChoice, asked members to give of their best in order for the Chamber to achieve set goals.