Mr Yaw Osafo-Maafo, Minister of Finance threatened court action to recover the 4.8 trillion cedis owed to the government by corporate orgainisations and individuals.

"The grace period is over, we shall send our demand letters to all the debtors even if it means going to court to retrieve the money."

Mr Osafo-Maafo issued the threat when he addressed the National Economic Dialogue organised by the government to brainstorm on how to accelerate national economic growth.

Representatives of the political parties, civil society, the private sector, labour and other identifiable groups attended the two-day economic dialogue, which began on Monday. It was on the theme: "Consensus Building for A Solid Foundation to Accelerate National Economic Growth and Development."

Mr Osafo-Maafo, who was reacting to recommendations by the forum, said the recovery of even five per cent of the debt would be enough to facilitate the growth and development of the economy.

He announced plans to establish special courts in all regions to expedite action on such economic offences.

The Finance Minister expressed the need for the country to increase revenue generation and reduce expenditure through sound economic management to combat inflation.

He said as part of these measures, the recent 31 per cent minimum wage increase would not be granted across board.

Mr Osafo-Maafo said government is committed to a suggestion by the economic forum to liberalise the national pension scheme to streamline operations of the sector.

Mrs Elizabeth Joyce Villars, Vice -President of the Private Enterprise Foundation commended the government for initiating the economic dialogue which "has shown clear sense of leadership in its handling of some of the very difficult decisions and choices needed to be made".

Mr Kwasi Adu-Amankwah, Secretary-General of the Trade Union Congress also expressed appreciation of the promotion to core labour standards proposed by the participants.

This comprised the elimination of Child Labour, promotion of collective bargaining agreements and discouragement of discrimination at work places.