The Minister of Employment and Labour Relations, Ignatius Baffour-Awuah, has reiterated government’s efforts at bolstering business confidence and economic stability in the country.

These measures include reducing government expenditure and reallocating funds to support private sector infrastructure, stabilising the currency through a Gold Purchase Programme, and simplifying the tax system with a flat rate and tax amnesty programme.

Speaking at the 64th Annual General Meeting of the Ghana Employers Association in Accra, he said efforts targeted at addressing the financial needs of small and medium-sized enterprises were already ongoing.

The AGM was on the theme “Prospects for business stability in Ghana.”

The minister emphasised the importance of these efforts due to global economic shocks and highlighted the government’s commitment to creating a supportive environment for growth and employment.

He underscored the need for ongoing collaboration between the government and business stakeholders to build a resilient economy and maintain peace, particularly as the nation approaches elections.

The acknowledged challenges businesses have faced due to global economic shocks and emphasised the government’s commitment to creating a supportive environment for businesses.

“The government’s commitment to economic reforms and support for the private sector will continue to contribute significantly to the growth and stability of Ghana’s economy,” he assured.

Chief Executive Officer of the Ghana Employers Association (GEA), Alex Frimpong, in his remarks said the commitment of members of the Association and contributions to Ghana’s business environment could not be underrated.

“It is through your commitment and resilience that our association continue to evolve, adapt, and thrive amidst dynamic economic landscape,” he said.

On his part president of the GEA Dr Emmanuel Adu-Sarkodee Afriyie, expressed gratitude to the development partners of the GEA, particularly the Norwegian Embassy in Ghana and through Confederation of Norwegian Enterprise (NHO), for their continued support in augmenting the Association’s efforts to deliver satisfactory services to members.

He urged members of the Association to focus more on building and sustaining confidence within the business sector.

He mentioned that stability was a fundamental prerequisite for growth, and without it, businesses could not thrive nor strategise for the future.

He expressed worry about what he described as increasing prevalence of cyber threats and attacks posing significant challenges to employers.

This he said undermined business operations, financial stability, and overall confidence in the digital economy.