The National Commission for Civic Education (NCCE), in collaboration with the Africa Centre for Economic Transformation (ACET), has engaged the private sector in the Bono East Region on the 'Ghana Compact' initiative in Techiman.

The engagement is part of activities aimed at creating a social contract between the government and the citizenry, with the objective of triggering constitutional, political, and economic reforms as well as setting long-term visions and goals for the development of the country.

The secretary to the Commission, Lucille Hewlette-Annan, noted in her remarks that challenges facing the private sector are well-known but was quick to add that it is imperative for the industry players themselves to bring them out.

She, therefore, encouraged participants to make known their problems and suggest practical solutions for incorporation into the social compact document.

In a contribution, Hajara Rufai, a member of the Commission, said challenges identified, proposed solutions, and suggestions made would be reviewed and documented by ACET, based on which findings and recommendations would be sent to the government for deliberation, consideration, and implementation.

Giving an overview of the initiative, George Boateng, a senior analyst at ACET, said Ghana’s economy, for instance, has not improved in the last 35 years because the leaders have failed to add value to the country's raw materials.

He said his outfit is collaborating with six other institutions to look at issues affecting the development of the country in areas like the economy, health, climate change, national planning, gender, and youth, among others, and expressed hope that these challenges could be addressed through the institution of a social compact to guide the development of the country in the long term.

Mr. Boateng averred that the initiative, which has the backing of the government, has consulted with key stakeholders like Parliament, political parties, the National House of Chiefs, civil society organizations, the Trades Union Congress, and religious bodies to share ideas on the challenges militating against the growth of the country.

The Bono East Regional Director of the NCCE, Joseph Kwaku Yeboah, who made a presentation on the private sector, identified difficulties in loan acquisition, high interest rates, bad roads, inadequate water supply, poor sanitation, and power supply, and inadequate internet coverage as some of the challenges they face.

He also spoke about other factors such as the high cost of utilities, bottlenecks in business registration, challenges in getting access to land, a lack of skilled labor, and political interference.

He urged participants to bring up the challenges they face in their businesses and suggest solutions, as well as make recommendations for inclusion in the social contract document.

Participants during a group session looked at how to reduce the risk of doing business in the country to drive down interest rates and enhance access to appropriate financing for the private sector.

They also considered how small-scale businesses could be supported to grow into large-scale entities, protecting businesses from political interference and vendetta, the use of technology and innovation to grow businesses, and how public-private partnerships could be developed to provide critical infrastructure like roads, especially in rural areas.

The groups also made several suggestions aimed at resolving the challenges identified for the benefit of the social compact document.