The Private Enterprise Federation (PEF) has applauded the former Managing Director of HFC Bank Dr. Asare Akuffo for his excellence in leadership and efficient performance, which has made the Federation stronger as the Private Sector’s pivotal voice.

It said through the instrumentality of Dr. Asare Akuffo as President/Chairman of the Governing Council of PEF, the Federation has become a true representative with a credible voice for the domestic private sector in Ghana.

“Today the membership of the Federation has considerably increased, from a six-member club when you took over to a viable fourteen-member organisation constituting in excess of 70% of the nation’s entire economic activity.”

The statement was made in a citation honouring Dr. Asare Akuffo at a ceremony in Accra in recognition of his leadership qualities and valuable contributions to PEF’s development.

Dr. Asare Akuffo served the Private Enterprise Federation with dedication throughout his six-year tenure as President/Chairman -- the longest by any President or Chairman of the Federation.

The citation recounted how the Ghana Association of Bankers nominated Dr. Akuffo back in 2007 to represent the latter on the Governing Council.

It said in recognition of his valuable contributions and leadership qualities at meetings, the Federation elected Dr. Akuffo as President of the Council.

“Thanks to your efficient and effective leadership, the Federation is confidently poised to ensure that the aspirations of a competitive domestic private sector are fully optimised to make it the reliable pillar for the sustainable economic development of our dear country Ghana.

“Your vision to create action plans and work-streams and always go the extra mile to ensure the Federation is resourced to run smoothly, renewed the Federation’s resolve for strengthened advocacy to influence the investment climate, as well as the development and growth of a domestic private sector.

“With your rich experience in Accounting, Banking and Finance, you successfully supervised the development and implementation of a Strategic Plan to restructure the organisation to meet the domestic private sector’s new direction.”

The citation said Dr. Asare Akuffo also represented PEF on various public Boards and articulated the voice of the private sector well at these institutions.

“For all these and more, the Federation will forever be grateful to you,” it professed.

In his response, Dr. Asare Akuffo emphasised the private sector’s importance to the economy of Ghana, noting that in spite its importance the public sector only employs 6% of the working population.

He said although the private sector is by far the major employer of Ghanaians, it lacks the confidence to demand from government the needed investment that will enable it to operate more efficiently and match competitors offshore.

Describing the current business environment as ‘very harsh’, he lamented the high interest rates, unstable local currency, and perception of corruption in the economy.

Dr. Akuffo, who with his colleagues served PEF without any fees or allowances during his tenure, thanked his colleagues for their support and encouraged them to keep knocking boldly on the doors of government until the urgent need to make Ghana truly business-friendly becomes a reality.

Asare Akuffo’s personal motivation to serve was born out of the immense sacrifice of the state for his generation, especially at the level of tertiary education.

“Therefore, it was important that I give back as much as I could,” he stated.

Last year, the Ghana Association of Bankers and the Ghana Corporate Initiative conferred similar honours on Dr. Asare Akuffo at separate ceremonies in Accra.