15:45, 25.Aug 2016
The Private Enterprise Federation (PEF) has lauded government for taking steps in its first 100 days to help create an enabling environment for private sector growth and development.
According to PEF, the concerns they tabled in a meeting with President Nana Addo Dankwa Akufo-Addo are being handled to boost private sector development.
Speaking on the Executive Breakfast Show (EBS) on Class91.3FM, the Chief Executive Officer (CEO) of the Federation, Nana Osei-Bonsu, was positive government was listening to the demands of the private sector.
“From where we sit, when we engaged the president-elect, we listed a whole litany of items, a reduction of some nuisance taxes as we called it and also government staying away from the universal banks and this borrowing is one of them. Because if government had gone to the universal banks, the [debt] would have priced on the domestic private sector, but now they went to the capital market so we think that our voices were heard,” Mr Osei-Bonsu said.
“We talked about the tax reductions, VAT reduction, VAT on financial services – all those have been taken care of. But we also know that the government has a four-year life. Four-year life means they have to start the short, medium and long term, so whilst they are doing the short term, they must start the action on the medium to long term so we see progress being made.”
Mr Osei-Bonsu noted: “We are not saying they are there, because it’s not four years already but we see that they have already initiated and that is what I call 100 days of initiation and not zero action. It’s action towards achieving something, that’s the effort that we are looking for.”
He said the private sector was certain government was listening to their concerns. “We’re confident that what we said is being heard, we’re confident that the government is in progress, looking at opportunities to make it better. Now inflation is down, policy rate is down, and this will reflect in the cost of doing business obviously…” he added.