Mr. Vish Ashiagbor of PwC Ghana emphasizes the need for effective implementation of budget measures to support private sector growth. He calls for dialogue with the mining sector regarding fiscal policies and expresses concern over agriculture funding. Government officials highlight initiatives to support local businesses and restructure the economy to reduce import reliance. Overall, cooperation between sectors is seen as key to fostering growth and sustainability.
The government is encouraged to diligently implement the budget measures to foster an environment conducive to the growth of private sector businesses. Mr. Vish Ashiagbor, Country Senior Partner at PricewaterhouseCoopers (PwC) Ghana, highlighted that the private sector has not realized its potential due to challenges in policy execution. He emphasized that while the budget appears business-friendly, its success hinges on effective implementation moving forward.
Discussing the growth and sustainability levy, Mr. Ashiagbor stressed the importance of increased communication between the government and the mining sector. He noted that the mining industry views the levy increase as potentially harmful to their investment viability. A constructive dialogue can help both parties reach a mutually beneficial understanding that considers the sector’s long-term planning.
On the subject of agriculture, Mr. Ashiagbor expressed concerns regarding the limited allocation for this sector, particularly given its role in economic growth. He advocated for government efforts to create an enabling environment through infrastructure investments and the establishment of agri-zones rather than direct investments in agriculture.
Efforts such as enhancing agri-zones and policies supporting industrialization can significantly improve the agricultural ecosystem, Mr. Ashiagbor concluded. He believes these steps are vital to transforming primary agriculture into agri-processing, promoting a sustainable agricultural environment.
Mr. Seth Tekper, Presidential Advisor on the Economy, reaffirmed the government’s dedication to nurturing local businesses, particularly through support for the Exim Bank, which plays a crucial role in boosting domestic industries and export growth. He emphasized the need for increased local value retention to minimize import dependency.
Additionally, Goosie Tanoh, the Presidential Advisor on the economy, shared insights on the restructuring efforts directed at reducing reliance on imports. The government is implementing an accelerated export development programme aimed at addressing agriculture sector challenges, focusing on transforming the agricultural value chain to generate sustainable employment and ensure long-term economic stability.
PwC’s Post-Budget Analysis serves as a thorough evaluation of the government’s financial proposals, fiscal measures, and their anticipated impact on various sectors and the public.
In summary, the successful implementation of budget measures is essential for fostering private sector growth in Ghana. Dialogue between government and stakeholders, particularly in the mining and agricultural sectors, will facilitate a better understanding of needs and concerns. Additionally, ongoing support for local enterprises and the transformation of the agricultural value chain are crucial for achieving economic stability and reducing reliance on imports.
Original Source: gna.org.gh
