Partner effectively to increase investment; Discussants tell govt, private sector

Discussants on building inclusive business concept in Ghana have called for an effective partnership between the government and the private sector to increase investment, grow private businesses and reduce poverty in the country.

They said while the government provided an enabling environment for businesses, the private sector was also required to invest more in productive ventures for the benefit of the poor and the vulnerable in society.

The discussants included the Minister of Communications, Mrs Ursula Owusu Ekuful; the Executive Director of Inclusive Business Action Network (iBAN), Dr Christian Jahn; Director, Outpouring To The Nations - Ghana (OTTN) Foundation, Mr Isaac Osei Bonsu Junior; and the Chairman of the Board of African Venture Philanthropy Alliance (AVPA), Mr Olayemi Cardoso.

PHOTO: Mrs Ursula Owusu Ekuful 

They were speaking at an evening of conversation on building robust policy for increased social investment and inclusive business.
Organised by the OTTN Foundation, a Christian charity organisation, in partnership with the AVPA, their call was anchored on how to build the inclusive business concept in the country.

Government support

Mrs Owusu Ekuful said the government was working on supporting the private sector and added that what was needed was the scaling up of the processes.
For instance, she said, by law, one per cent of the communication service tax was dedicated to the provision of digital access to underserved areas.

The minister said similar arrangements could be extended to the energy, water and other sectors to support rural electrification and other projects to lift people out of poverty.

Mrs Owusu Ekuful said efforts were also being made by the government to facilitate arrangements of the issuance of business permits to save investors much time.

"We have to ensure that all the permits are achieved without hustle. Let them invest without worrying. Once you create the enabling environment, it energises the local economy," the minister added.

Mrs Owusu Ekuful said opportunities would also be created for the poor to participate in business activities in the country.

"The more important issue is how to encourage the private sector to use their money to lift the vulnerable out of poverty,” she noted.

Opportunities

Dr Jahn also observed that there were many people without social services, saying that could constitute market opportunities for businesses.

He explained that the inclusive business concept, which focused on improved investment, business growth and support for the vulnerable, "will get the poor people out of poverty and the private sector will benefit."
For his part, Mr Osei Bonsu Junior stressed the need for effective steps to be taken to harness the synergy between the government and the private sector.

PHOTO: Mr Isaac Osei-Bonsu Jnr, the Chairman of OTTN Foundation

He said such an arrangement should be geared towards supporting the private sector to impact society.

"We need to build a robust network to have the necessary laws. The government has to engage the private sector to get defined roles," Mr Osei-Bonsu Jnr added.

In his remarks, Mr Cardoso called for the formulation of policies to support the partnership between the government and the private sector within the context of inclusive business.

According to him, such a move "makes big step forward in poverty reduction."