By Kofi AHOVI
The Ministry of Trade and Industry will from next month begin a consultation with industry stakeholders to discuss the implementation of the Private Sector Development Strategy II (PSDS II).
The initiative will help both the ministry and stakeholders to familiarize themselves and understand how the implementation should be and which areas to tackle first.
Cabinet gave the approval for the implementation of the second Private Sector Development Strategy, 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$ 1,500 by 2015 pushing the nation into upper- 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 enhancing 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 and ensure private sector involvement in their monitoring and evaluation especially in the development of pro-private sector performance indicators.
The strategy will also facilitate the promotion of regulatory impact assessments to ensure regulatory burdens on private sector are appropriate and proportionate.
On the 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
The Ministry of Trade and Industry will from next month begin a consultation with industry stakeholders to discuss the implementation of the Private Sector Development Strategy II (PSDS II).
The initiative will help both the ministry and stakeholders to familiarize themselves and understand how the implementation should be and which areas to tackle first.
Cabinet gave the approval for the implementation of the second Private Sector Development Strategy, 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$ 1,500 by 2015 pushing the nation into upper- 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 enhancing 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 and ensure private sector involvement in their monitoring and evaluation especially in the development of pro-private sector performance indicators.
The strategy will also facilitate the promotion of regulatory impact assessments to ensure regulatory burdens on private sector are appropriate and proportionate.
On the 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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