The President, Nana Addo-Dankwa Akufo-Addo, has reiterated the New Patriotic Party‘s (NPP’s) campaign promise of creating an enabling environment for the private sector to grow.


President Akufo-Addo said the Asempa Budget, which saw the over Ghc one billion tax cut, was an initial step government took at improving the private sector and increasing growth.


Speaking at the opening ceremony of the second edition of the National Policy Summit in Accra, yesterday, he said the energy crisis resulted in a loss of US $680 million in economic activities in 2014—an equivalent to 20 per cent of Gross Domestic Product (GDP)— as revealed by the Institute of Social, Statistics and Economic Research (ISSER).


He attributed the poor performance of industries and businesses to lack of access to finance, high import duty on machinery and the poor standards for regulation and certification, amongst others.


President Akufo-Addo maintained that his administration would ensure that the NPP’s agenda for economic growth and transformation was in order and on course, and that the implementation of the One-District One-Factory project was expected to bring industrialization to the door step of the people.


On his part, the Minister for Trade and Industry, Mr. Alan Kojo Kyeremanten, said though the NPP’s agenda was very ambitious, transformation would be by hard work and not by chance.


Source: ISD (Nana Ama Bonnah & Faith Edison)