Implementation of Budget Measures Crucial for Growth, Says PwC Ghana

The article discusses the need for effective implementation of budget measures in Ghana to promote private sector growth. PwC’s Vish Ashiagbor emphasizes resolving policy challenges and fostering dialogue, particularly regarding the mining and agricultural sectors. Key governmental figures express commitment to supporting local enterprises and restructuring the economy. The PwC Post-Budget Analysis highlights the significance of these fiscal measures.

The recent budget measures have prompted calls for their effective implementation to foster a conducive environment for private sector growth. Vish Ashiagbor, the Country Senior Partner at PricewaterhouseCoopers (PwC) Ghana, stated that policy implementation challenges have hindered the private sector from fulfilling its potential as a growth driver. He emphasized the importance of evaluating how these budget measures will be enacted in the future, especially regarding their business-friendliness.

Addressing the topic of the growth and sustainability levy, Mr. Ashiagbor urged for constructive dialogue between the government and the mining sector. He noted that while the mining industry has concerns about the proposed levy increasing and tenure extension affecting returns on investment, the government is also faced with the challenge of balancing revenue and expenditure. Dialoguing could yield alternative solutions that benefit both parties.

In discussing the agricultural sector, Mr. Ashiagbor highlighted that the budget allocation for agriculture seems minimal, especially given its significance to the economy’s growth agenda. However, he pointed out that creating an enabling environment for the private sector is essential. The government should focus on related infrastructure and initiatives such as agri-zones to support agricultural development effectively, without necessarily investing directly in farming.

Furthermore, Mr. Seth Tekper, the Presidential Advisor on the Economy, reassured stakeholders of the government’s commitment to local enterprises and emphasized ongoing support for the Exim Bank. This support aims to enhance value addition and stimulate export growth, which would aid in retaining more economic value locally and reducing import dependency.

In conjunction with Mr. Tekper, Mr. Goosie Tanoh, the Presidential Advisor on the 24-hour Economy policy, discussed efforts to restructure the economy to lessen reliance on imports. He indicated that the new export development programme would target the challenges within the agricultural sector and reshape the agricultural value chain to create sustainable employment and economic stability in the long term.

Lastly, the PwC Post-Budget Analysis serves as a thorough examination of the government’s financial policies and their impact on multiple sectors and the public, underscoring the significance of strategic fiscal measures in driving national growth.

In conclusion, the effective implementation of the budget measures is crucial for fostering private sector growth in Ghana. Dialogues between the government and industry stakeholders, particularly in mining and agriculture, are vital for achieving a balanced approach to policy development. The government’s emphasis on enhancing local enterprises and restructuring the economy demonstrates a commitment to long-term economic stability and growth. The PwC Post-Budget Analysis reinforces the importance of these measures and their implications for the country’s development.

Original Source: gna.org.gh