The private sector, they say is the backbone of every economy, therefore, it is prudent that government ensures this sector thrives for the betterment of the nation.

Since the local economy took a nose dive in 2020, government is trying its best to make the economy bounce back on track.

A lot more needs to be done as the local economy is suffering from the dire consequences of the COVID-19 pandemic and the Russia-Ukraine war.

In an exclusive interview with GhanaWeb Business, the President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, said the economy can revamp if government;

Creates an enabling environment for the private sector.

According to him, if the private sector records a boom in business, the economy will also witness a boost.

"We should recognize that a vibrant private sector drives every economy in the world and that if we want the economy to revamp, it means that we need to create an enabling environment for the private sector to work again," he said.

Over taxation. Dr Joseph Obeng stated that over-taxation impedes the growth of businesses, hence, the reason the private sector is uncompetitive.

Explore innovative ways to expand tax net

The Ghana Revenue Authority has been tasked to explore innovative ways to rope others into the tax net.

According to the Authority, about 13 million people can pay taxes, yet, escape it so, GRA has been charged to bring those outside the tax net on board to honour their tax obligations.

Government must cut down its expenditure

As part of ways to stabilize the economy, the government has been urged to cut down on its expenditure to save the country some money.

The above-mentioned ways, the GUTA president said, when adhered to can help stabilize the wobbling economy.

ESA/NOQ

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