A forum to diagnose the challenges confronting Ghana’s economy and proffer solutions is underway at the Movenpick Hotel in Accra.
Organised by the Business & Financial Times and Joy FM, the programme has brought together key public and private sector players for the two-day discussion.
CEO of the B&FT, Edith Dankwa, says newspaper is happy to be part of search for solution.
The forum seeks to create a platform to debate and find solutions to the problems confronting the country.
Analysts have said donor-driven initiatives have not delivered the needed development to Ghana and Africa.
Ghana gained political freedom almost six decades ago, now is the time for economic freedom, she says.
Chief Executive of the Ghana National Petroleum Corporation, lead sponsors of the event, Mr. Alex Mould, said he was happy to be part of the programme because of its non-partisan nature.
Ghana must de-risk our various basins.
Local content in the oil industry means share investment with Ghanaian businesses. Importance of banks cannot be overemphasised.
Total savings in Ghana not enough for GNPC to participate in the oil industry so we are looking at foreign direct investments
The problem in Ghana is that we talk about how to solve problems and suggest solutions but the execution always remains lagging.
Ghana has some of the world's most vibrant radio stations but we have execute all our discussions into projects that are viable.
This will bring public sector to speed.
Government cannot be relied on totally. public service must move from bureaucratic ways to performance-driven.
Deputy Finance Minister Mornah Quartey
Ministry is glad to partner the organisers for the event.
Economy in 13th consecutive year improvement.
Growth peaked in 2011 at 14 percent but slowed down to 4 percent because of gas shortages, cedis depreciation etc.
Inflation has eased slightly to 16 percent in 2015 but we expect a better growth going forward.
Recent economic challenges:
Government is very much aware of the challenges brought by fiscal imbalances, depreciating cedi, energy challenges, and so on
Our dependence on imports not helping.
Poor prices for commodities such as cocoa and gold harmed the economy.
Resultant effect is increase in the cost of borrowing.
Government is not looking at short-term solutions but a long-term view.
In 2014 government adopted ambitious home-grown solutions.
Objectives and policy measures of IMF programme align properly with government's own home-grown solutions.
Government use fiscal space to expand social safety net spending in areas such as LEAP and basic healthcare.
Government is strengthening its risk management structures and reducing exposure to contingent spending.
Millions of dollars will accrue to government because of operations of Atuabo Gas plant.
Government committed to increasing electricity supply.
More private sector players submitted proposals which are being considered.
Confident that the growth and stability through policies being implemented by government will yield results.
In the medium term, Ghana's economic outlook remains robust especially because of the potential of more oil exploration.
I wish you all the best in your deliberations.
Vice-President Amissah Arthur
Good ideas have been shared already and I have learnt.
Ghana needed to negotiate programme with IMF to revive transformation agenda, help diversify economy. Ghana needs to move from current spending to capital spending and also channel funds from the oil sector to productive investments.
In the short term, the goal of government is to make fiscal adjustment, ensure debt sustainability and eliminate fiscal dominance of monetary policy.
Government also wants to ensure and facilitate local content participation not only in oil and gas but in all other sectors such as power.
Indigenous private sector need to put their money where their mouth is. I am encouraged by comments from Access Bank on private sector participation.
Banks are too comfortable. We must force the banks to move from their comfort zones of buying treasury bills and relying on fixed incomes. They must develop instruments that can motivate clients to save for the long-term that can then be used to finance long-term investments.
What should we do to encourage you to develop instruments for long-term investments? I look forward to your recommendations on this subject.
CEO of Beige Capital Mike Nyinaku
A locally-owned economy means one in which 40% of Ghana’s GDP is owned by Ghanaians
GRA data shows that in top companies in Ghana, 7 out of 25 were of Ghanaian ownership.
Generation A: Examples of entreprenuers in this generation are Asuma Banda, Esther Ocloo many in their 80’s
Generation B: Kwabena Darko of Darko Farms
Generation C: Kofi Amoabeng of UT Financial Services
Generation F: We are under 40, still figuring out what to do
Generation X: The twitter group. Watch that space
It is difficult to count 20 institutions owned by Ghanaians about 30 years old. The older entrepreneurial generation were enable to fully blossom or pass on knowledge because of political instability and upheavals.
The new generation has been deprived of important experience.
Are we stifling the growth of new generation through bureaucracy?
World Bank report urban population to hit 20 million in 2025. Accra is being stretched. It has increased by more than five times. It could double in the next 10 years.
It means more opportunities in real estate, services, food etc. Ghana needs to have big corporations like Dagote in Nigeria.
Story of the Khalifa Towers in Dubai is an example of a perfect synergy of the private-public participation.
I am a fan of the president because for as long as a president exists I will have to support him.
No media reported which political party sympathisers died during the flood and fire disaster. We became united. What stops us from continuing with the sense of unity.
Time is indeed short and I am committed to Ghana and I will give the nation my best.