The private sector had high expectations when the New Patriotic Party (NPP) administration took office in 2017, with promises of making the private sector the engine of growth.

However, Nana Osei Bonsu, CEO of the Private Enterprise Foundation (PEF), has revealed that those promises were not fulfilled, leaving the sector disappointed.

Speaking on Joy News’ PM Express Business Edition, he shared that while the private sector initially supported the NPP administration, the anticipated collaboration and support never materialised.

“I won’t say they didn’t give us support—maybe they didn’t know what support to give us,” Mr. Bonsu said.

He recalled how, in December 2016, the Private Enterprise Foundation (PEF) hosted the then-incoming president and presented a detailed 10-point scenario outlining the private sector’s needs.

However, he expressed disappointment, stating, “They didn’t deliver. That is the verdict of this administration. They failed to deliver to the private sector.”

He stated that the NPP administration’s failure to provide adequate support to the private sector led to a stagnation in economic growth, leaving many businesses struggling to thrive.

“The private sector is not doing well,” he lamented, adding that while the government had the power to create a favourable business environment, the sector was only equipped with “persuasion power” to advocate for change.

Bonsu further disclosed that quarterly meetings with the government’s economic management team, which were initially scheduled to ensure open communication, eventually ceased.

“We used to have quarterly meetings with the economic management team. What happened to that? It failed. We never met again,” he explained, attributing the breakdown in communication to a disconnect between the government’s priorities and the private sector’s needs.