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15.12.2003 General News

Ghana is on course to true recovery - Kufuor

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From: Patrick A. Firempong, GNA Special Correspondent, Geneva

Geneva, Dec.15, GNA - President John Agyekum Kufuor has observed that any macro-economic mechanism for economic growth without the active participation of the private sector, would create a lopsided economy that would not promote growth.

He said the Government's fiscal and monetary policies coupled with the establishment of a sector Ministry for the private sector had therefore put Ghana truly on the course of very quick economic recovery. President Kufuor made the observation at a meeting with the Chamber of Commerce Switzerland-West Africa (CCSW) in Geneva.

The CCSW comprise Swiss businessmen, entrepreneurs with businesses in West Africa.

President Kufuor said in the past, the private sector in Ghana was traditionally not operating effectively with modern economic practices in the formal market system and no efficient documentation of their operations.

He said any private sector that would undertake modern commerce with better documentation of transactions would become part of the global economy.

"The system in the past had not been well organized and fashioned to recognize the intricacies in undertaking modern trade and commerce. The sector Ministry would endeavour to eliminate all the bureaucracies and red-tapeism in the sector to move it forward to operate efficiently and effectively", he said.

President Kufuor commended the Swiss Government and entrepreneurs for the healthy friendship and co-operation that had existed between both countries over the past 100 years in the health, religion and education sectors.

Mr Nicholas Imboden, President of CCSW, said Ghana played an important role in the long-standing trade relations between them to open the doors of Switzerland to the West Africa Sub-Region.

He commended the Government for its fiscal and monetary policies that had shown signs of economic recovery, the peace and political stability and the well trained and cultured people.

"Ghana is a paradise for investments but had not attracted the needed investments," he said.

Mr Imbolden said Ghana was a country with very good economic potentials in future and to put the relationship between both countries on a high pedestal, a "Swiss Week Fair" would be organized in Ghana next year but did not elaborate.

He said with the Government pursuing an aggressive private sector development and economic oriented economy, Swiss business entrepreneurs were prepared to partner their Ghanaian counterparts to unearth the potentials in Ghana and Africa.

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