PwC Ghana asserts the need for effective budget implementation to promote private sector growth, emphasizing dialogue with the mining sector about levies. They also note agriculture’s crucial role in the economy, recommending supportive measures rather than direct investment. Government representatives highlighted ongoing efforts to bolster local enterprises and restructure the economy to reduce import dependence.
On March 19, 2023, PwC Ghana emphasized the importance of implementing budget measures to foster an environment conducive to private sector growth. Mr. Vish Ashiagbor, the Country Senior Partner at PwC Ghana, indicated that the private sector has not fully realized its potential as an economic driver due to challenges in policy execution. He stated that while the budget appears business-friendly, successful implementation is crucial going forward.
Mr. Ashiagbor highlighted the need for dialogue between the government and the mining sector regarding the growth and sustainability levy. He noted that while mining representatives are concerned about the levy affecting their long-term investments, the government faces challenges in balancing revenue needs. He advocated for discussions to bridge understanding and derive mutually beneficial solutions.
On the topic of agriculture, Mr. Ashiagbor suggested that the budgetary allocation for agriculture is relatively low, considering its role in economic growth. He mentioned that, instead of direct investments, creating an enabling environment through infrastructure and agri-zones would be beneficial. He advocated for a holistic approach that encompasses agri-processing and other policies to enhance the agricultural ecosystem.
Mr. Seth Tekper, a Presidential Advisor on the Economy, reiterated the government’s commitment to supporting local businesses, including continued backing of the Exim Bank to promote export growth. He underscored the critical nature of increasing local value addition to reduce import dependence.
Furthermore, Mr. Goosie Tanoh, another Presidential Advisor, discussed the government’s strategy to restructure the economy to mitigate reliance on imports. He outlined the accelerated export development program aimed at transforming the agricultural value chain for job creation and long-term stability.
The insights from PwC Ghana underscore the necessity of effective implementation of budget measures to facilitate private sector growth. They advocate for dialogue with the mining sector regarding levies, highlight the importance of creating a supportive environment for agriculture, and emphasize government support for local enterprises through initiatives like the Exim Bank. Overall, transforming the economy requires strategic policies that enhance value addition and sustainable agricultural practices.
Original Source: gna.org.gh
