President John Mahama has assured the nation that his government is deploying appropriate and significant measures to salvage the economy out of its current challenges to restore confidence.
“We are all aware of the challenges our country has faced in recent years – soaring inflation, a weakened cedi, rising debt levels, and a decline in investor confidence.
“These challenges have weighed heavily on businesses and households alike. But I am confident, and I say this with sincerity, that we are turning the corner,” the President said at the opening of the second Kwahu Business Forum at Mpraeso in the Kwahu South District of the Eastern Region last Saturday.
He said although the government was turning the corner, it was important to set “our sights higher; on transformation”.
President Mahama said there were early signs of macroeconomic stabilisation, citing gradually easing inflation, and adding that with disciplined management, the government was restoring a measure of confidence in the economy.
“And this cannot be achieved without a financial sector that works not just for a few, but for every Ghanaian business; from the roadside vendor to the export-ready manufacturer,” he said.
Forum
Dubbed: “The Future of Business: The Role of the Financial Sector”, the forum and exhibition is a major initiative to foster entrepreneurship and support the growth of Ghana’s small and medium enterprises (SMEs).
It is a direct response to the government’s vision of expanding Ghana’s private sector capacity, especially in the agro-processing and manufacturing sectors of the economy.
As a non-partisan national development agenda, the Kwahu Business Forum brought together business owners, industrialists, investors, start-ups, and major industry players to network, share experiences, and explore ways to raise capital or leverage available products from financial institutions.
Chaired by the Kwahu Abetifihene and Adontenhene of the Kwahu Traditional Area, Akyemfour Asiedu Agyemang III, the opening was attended by the Majority Leader, Mahama Ayariga; Minority Leader, Alex Afenyo-Markin; Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare; Chief of Staff, Julius Debrah; and Member of Parliament for Abetifi Constituency, Bryan Achampong.
Enabling environment
The Minister of Trade stated that the government was committed to resetting the country with a special focus on creating an enabling environment that was responsive to private sector growth and driving investment in strategic sectors.
Ms Ofosu-Adjare stressed the importance of aligning the financial system with national development priorities to support entrepreneurship, industrialisation, and inclusive economic growth.
“At the ministry, we are sharing the transformations with the business regulatory reform programme, a cross-cutting initiative that coordinates reforms across 50 institutions, including district assemblies, private sector associations, professional bodies and other key institutions,” she said.
Economic future
Mr Afenyo-Markin said Ghana’s economic future would depend heavily on the strengths, agility and resilience of its business community, and on the strategic role of the financial sector, which, he said, played an important role in supporting local businesses to scale up and succeed.
“When we empower local businesses with the capital and confidence, they will grow. We need to do more to boost productivity.
“This will open up the pathways for job creation, which remains one of our most urgent national challenges.
Building a strong and inclusive financial ecosystem is not just an economic imperative, but a crucial factor for growth,” he said.
