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He emphasized the importance of involving the private sector in public enterprises to ensure essential financial investments and sustainable development.
“It’s about time that the government realizes that it’s not going to work for the government to be involved in setting up companies without involving the private sector, it doesn’t work. The government should confront policies and involve the private sector and you can attract more investors into the country which will create more employment," remarked Otumfuo Osei Tutu II, as quoted by citinewsroom.com.
The revered king highlighted the inefficiency of government-led initiatives in establishing companies without engaging the private sector. He stressed the need for policies that encourage private sector participation to attract more investors and generate employment opportunities.
Regarding the diversification of public enterprises like the Volta River Authority (VRA) and the Ghana Grid Company (GRIDCo), Otumfuo Osei Tutu II advocated for involving qualified private sector entities. He emphasized the potential benefits of privatization, stating, “VRA and others are all government establishments, let’s give it out and diversify them into the private sector and get more money there and get the right people to do it."
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The Asantehene questioned the rationale behind the government's continued control of industries, especially given financial constraints and reliance on external funding. “Why are we still holding on when we don’t have the money? We’re not able to collect all the taxes we want, we’re going to IMF and all those for money. We’re hanging onto industries we cannot maintain and run," he remarked.
The commissioning of the natural gas pipeline served as a testament to the potential of private sector involvement in driving economic development. Otumfuo Osei Tutu II commended Genser Energy and its partners for their initiative and ability to attract investors, stating, “This is a testimony of the private sector, and they were able to attract investors.”
As Ghana faces economic challenges exacerbated by the COVID-19 pandemic, the Asantehene's remarks underscore the importance of prioritizing policies that promote collaboration between the government and the private sector. By embracing this approach, Ghana can unlock new opportunities for growth, job creation, and sustainable development.