Free-Market Economy Crucial To Development-IEA

The Institute of Economic Affairs (IEA) says it is essential for government to build a market-based economy, supported by strong institutions with protected physical and intellectual property rights as well as appropriate interventions when necessary.

It disclosed that a free-market economy based on the freedom to choose, produce and exchange was identified as a crucial tool for development of the private sector and growth of the economy.

A release signed in Accra by Abena Offe, Programmes Co-ordinator of IEA said this was the outcome of a current survey conducted by the Institute to assess the impact of two workshops, which were organized in collaboration with the Centre for International Private Enterprises (CIPE) in June 2007.

It said some of the topics discussed at the workshop included the power of markets and the role of institutions, private sector development and constraints, information production in a market economy and corporate social responsibility.

According to the IEA, six months after the workshop, a representative sample of the participants had expressed their changing views on free markets and private enterprises.

Kwaku Kwarteng, Government Spokesperson on Finance, according to the statement, alluded to the fact that the workshop had strengthened his commitment to free markets and enabled him to increase his efforts in promoting free market ideas.

Mr. Kwateng was of the view that the state must find ways of supporting the poor on the premise that individuals differ in entrepreneurial skills and abilities.

Commenting on the report, Moses Dani Baah, People's National Convention (PNC) Member of Parliament for Sissala East said presentations and issues discussed at the workshop had shown that the world was moving towards a free market economy.

On his part David Tetteh Assuming, National Democratic Congress (NDC) Member of Parliament for Shai Osudoku said knowledge gained at the workshop would help him in his dealings with community-based organizations and corporate bodies in his constituency.

The ultimate goal of the workshop was to build economic platforms in four political parties so that there would be broader support for economic reforms that seek to liberate markets.

It brought together some leading members of the country's main political parties, business organizations, academia, and members of the civil society.