Business leaders spanning various industries have collectively stressed the need for more profound engagements yielding measurable outcomes, specific timelines and a formalised commitment to accountability in the collaboration between government and the private sector. This, they contend, is crucial for the economy’s complete recovery and sustained growth.

Although government has introduced the Ghana Mutual Prosperity Dialogue, they assert that a structured framework binding both entities to mutually agreed-upon action plans is essential.

Addressing participants at the Top Business Leaders meeting, organised by the B&FT under the theme ‘Economic and Business Outlook, 2024: Perspectives from Business Leaders’, they underscored the importance of addressing this matter urgently.

Dr. Rejoice Foli, a Senior Project Manager at Absa Bank, noted that a principal starting point would be dispassionate communication of the national budget, and by extension other policy documents, in local languages. This, she said, will ensure a more holistic dialogue on pressing national issues.

“We should have the 2024 budget XYZ in our local languages if we want to carry everyone along,” she said.

Some participants suggested that the National Commission for Civic Education (NCCE) should aid in this regard due to its mandate and reach.

The 2024 budget indicates that the Commission in 2023 reached 2.75 million people with activities on constitutional awareness creation, deepening and sustaining civic awareness, patriotism and good citizenship.

Its allocation – projected at GH¢167.6million for 2024 – has been deemed by some analysts as inadequate, particularly as the Commission does not historically receive all of its allocation.

Touching on the projected GH¢50billion deficit, Chief Executive Officer-Dalex Finance, Ken Thompson said clarity must be provided on how it will be funded – with Treasury bills, which appear to be the primary source in the near-term, unsustainable.

Dr. Samuel Worlanyo Mensah, Executive Director-Centre for Greater Impact Africa (CGIA), a policy think-tank, reiterated calls for strengthening the National Development Planning Commission (NDPC) – adding that economic planning should be within the national development plan context, with the manifestoes of political parties compiled within that framework.

“We cannot continue to have this fragmented setup wherein everyone comes and it appears they are here to do what they want. We must stick to our development plan, and our political parties must work within the plan,” he said.

Earlier this year, Director-General-NDPC, Dr. Kodjo Esseim Mensah-Abrampa, identified limited funding as an impediment to long-term national development planning. He disclosed that the 2023 third quarter budget allocated for essential technical planning work was GH¢100,000.

Aasaki Samson Awingobit, Executive Secretary-Importers and Exporters Association of Ghana, on his part said the state has developed a posture of overlooking contributions by the private sector.

Energy expert Kwame Jantuah argued that the private sector, predominantly comprising the middle class, appears unwilling to make the sacrifices needed to compel government to take it seriously.

“The private sector interacts with government ahead of budget preparation, and when it falls short of expectations there is silence; we just move on. The community must be seen to be active consistently,” he said.

Seimu Lamidi, Chief Financial Officer-FBN Bank, was optimistic about ongoing recovery within the industry and anticipates a promising trend in the allocation of resources. According to Lamidi, the focus will be directed toward supporting the real economy – with a particular emphasis on fostering growth within the Small and Medium-sized Enterprises (SMEs) sector.

“Recovery within the banking sector will be a catalyst for redirecting resources to areas which could have a meaningful impact on economic development… I believe we are all committed to nurturing and sustaining the growth of smaller businesses, which are often considered the backbone of a vibrant and dynamic economy,” he explained.

On his part, CEO-Maxwell Investments Group, Dr. Maxwell Ampong, holds the opinion that pooling SMEs together will ensure they are better placed to attract capital.