IMF Approves Ghana’s Public Sector Reforms

The International Monetary Fund (IMF) has approved the Public Sector Reforms for Ghana to be implemented in 2018.

The reforms are part of efforts to reduce the bureaucracies in Ghana’s public sector and improve efficiency.

The Fund has been critical of Ghana’s rising public expenditure which it contends has partly contributed to some economic challenges in terms of rising public sector debts among others.

It has on a number of occasions and in several reviews impressed on the government the need to work to tame the figures where necessary.

The Acting Chief Director of the Ministry of Business Development, Joe Tackie confirmed the approval to Citi Business News.

He explains that the reforms will also see Ghana improve its ranking in the ease of doing business.

“The whole idea is to ensure that the public sector can partner the private sector to be able to achieve the President’s vision of making Ghana the most business-friendly one in Africa.”

“The business environment involves the policies, laws and regulatory issues among others which the businesses have to deal with and these are all situated in the public sector. So the idea is to ensure that the public sector is positioned to support the private sector in partnership to achieve the economic development of the country,” he remarked.

Speaking at a breakfast meeting organized by the Business Council for Africa (Ghana), for the South African Business Chamber and allied groups, Mr. Tackie also outlined some key initiatives to support private sector growth.

Key ones he mentioned were the provision of the 1 million dollars for entrepreneurs under the National Entrepreneurs Innovation Program (NEIP).

Also, he indicated the establishment of incubation centers across the regions for selected entrepreneurs to cushion them against high operational cost in their initial stages of business.

The meeting was on the theme, ‘Good to Great; Providing the enabling environment for businesses to thrive, the role of Ministry of Business Development and BCA’.