By Kofi Ahovi
Cabinet has given approval for the implementation of the second Private Sector Development Strategy (PSDS II), which would comprehensively develop the private sector to create more jobs and enhance livelihoods.
The strategy sets out a course for government to facilitate private sector development in Ghana to enable Ghanaian firms to become more competitive in international and regional markets.
Under the PSDS II, Ghana’s Gross Domestic Product (GDP) is expected to receive a minimum boost of 10% per annum on the average with expected per capita income o f a US$ 1,200 by 2015 pushing the nation into a middle-income status. The current GDP and per capita income stand at 5.9% and about US$ 700 respectively.
In the strategy, government would take action to address priority constraints on private sector operations by developing a fully-fledged trade policy, enhance quality standards by undertaking a fundamental review of existing state institutions tasked to provide quality standards services with respect to international best practices.
It would also ensure the continuation of existing infrastructure programmes by the government, ensure private sector involvement in their monitoring and evaluation especially in the development of pro-private sector performance indicators.
The strategy would also facilitate the promotion of regulatory impact assessments to ensure regulatory burdens on private sector are appropriate and proportionate.
On land system and property rights, the strategy would ensure the strengthening of the Land Administration Project in relation to micro and small enterprise property rights, and implement the Foreign Investment Advisory Service (FIAS) report recommendations in relation to site development and land administration.
PSDS I, launched in 2004, focused on business enabling environment reforms formulated on the premise of private sector-led growth where government was to ensure that all institutional, bureaucratic and regulatory bottlenecks were removed to reduce the time and cost of doing business in Ghana.
Ghana is objectively rated as having one of the best investment climate s in Africa; businesses perceive the investment climate in the country to be favourable and key barriers to doing business in Ghana are eliminated.
Cabinet has given approval for the implementation of the second Private Sector Development Strategy (PSDS II), which would comprehensively develop the private sector to create more jobs and enhance livelihoods.
The strategy sets out a course for government to facilitate private sector development in Ghana to enable Ghanaian firms to become more competitive in international and regional markets.
Under the PSDS II, Ghana’s Gross Domestic Product (GDP) is expected to receive a minimum boost of 10% per annum on the average with expected per capita income o f a US$ 1,200 by 2015 pushing the nation into a middle-income status. The current GDP and per capita income stand at 5.9% and about US$ 700 respectively.
In the strategy, government would take action to address priority constraints on private sector operations by developing a fully-fledged trade policy, enhance quality standards by undertaking a fundamental review of existing state institutions tasked to provide quality standards services with respect to international best practices.
It would also ensure the continuation of existing infrastructure programmes by the government, ensure private sector involvement in their monitoring and evaluation especially in the development of pro-private sector performance indicators.
The strategy would also facilitate the promotion of regulatory impact assessments to ensure regulatory burdens on private sector are appropriate and proportionate.
On land system and property rights, the strategy would ensure the strengthening of the Land Administration Project in relation to micro and small enterprise property rights, and implement the Foreign Investment Advisory Service (FIAS) report recommendations in relation to site development and land administration.
PSDS I, launched in 2004, focused on business enabling environment reforms formulated on the premise of private sector-led growth where government was to ensure that all institutional, bureaucratic and regulatory bottlenecks were removed to reduce the time and cost of doing business in Ghana.
Ghana is objectively rated as having one of the best investment climate s in Africa; businesses perceive the investment climate in the country to be favourable and key barriers to doing business in Ghana are eliminated.
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