Accra-Ghana, July 27, GNA – Businesses have urged the government to establish spending and tax policies that will allow Ghana’s private sector to thrive and support long-term growth and national development.
Policy initiatives, according to stakeholders, should also focus on stabilising the Ghanaian economy to foster high productivity, as well as make taxes simple and affordable.
Mr Joshua Mortoti, Executive Vice President of Goldfields Ghana Limited, said it was critical for the government to guarantee a predictable fiscal system.
“What businesses require to thrive is a stable macroeconomic environment and a predictable fiscal regime,” he said at the launch of the 20th edition of the Ghana Club 100 awards in Accra on Tuesday.
“We all acknowledge the current economic headwinds for which, we must work collectively to navigate, but in doing that we must also be careful, not to kill the hen that lays the golden egg,” he added.
Mr Mortoti, who is also the Head of Goldfields in West Africa, urged the Ghana Investment Promotion Council (GIPC) to enhance its lobbying of the government to protect both domestic and foreign interests in the country.
The private sector, which is referred to as the backbone of economies, accounts for over 90 per cent of jobs in developing nations such as Ghana.
As a result, an enabling business environment would assist them in meeting the demand for products and services, containing inflationary and currency depreciation pressures, forcing them to pay more taxes, and creating jobs, particularly for the youth.
Mr Mortoti stated that the consistency by which the rewards scheme has been successfully organized for two decades required support to be recognized among the Fortune 500 and Jones Sustainability Indexes.
“For companies that make it to this ranking, it’s a boost to their reputation and another way of the State telling you that you’re ticking the right boxes in running your business and helping to develop Ghana in tangible and meaningful ways,” he explained.
Mr Yofi Grant, CEO of the GIPC praised businesses for helping to strengthen the economy by creating jobs and generating revenue to the state through taxation.
“The ultimate goal is for us to forge valuable partnerships and attract Foreign Direct Investment to accelerate development and economic growth in the country,” he stated.
The Ghana Investment and Trade Week and the 20th edition of the Ghana Club 100 Awards are being organized by GIPC and the MIE Group of Dubai.
The theme for this year’s event is “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint Through AFCFTA,” and it intends to create a venue for boosting investment, commerce, and information sharing.
