Act Responsibly to Support Ghana’s Economic Transformation – Minister to Private Sector

By Maame Efua Kwaduah

Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has called on businesses and industry leaders to support Ghana’s economic transformation agenda through responsible pricing, innovation, industrialisation and stronger collaboration with government.

Speaking at the 10th Ghana CEO Summit, the Trade Minister stressed that the country’s economic transformation cannot be achieved through policy pronouncements alone but requires practical action, strategic leadership and sustained partnerships between government and the private sector.

The Minister  expressed concern about the pricing behaviour of some businesses, particularly their refusal to reduce prices even after economic conditions improve.

She noted that while businesses often increase prices during periods of economic difficulty, many fail to reverse those increases after inflation stabilises and production costs decline.

“But what is not understandable is the refusal of some enterprises to reduce prices once the underlying conditions improve,” she stated.

According to her, such practices erode public trust in businesses, fuel social discontent and weaken confidence in the private sector’s role in national development.

“If you raise prices because of genuine economic pressures, then there is also a moral obligation and reputational responsibility to bring them down when conditions improve,” the Minister stressed.

She warned that the private sector’s legitimacy within the economy depends largely on whether the public believes businesses are exercising their pricing powers responsibly.

Addressing chief executives, government officials, development partners and industry leaders at the summit, Madam Ofosu-Adjare described the gathering as an important platform for frank discussions and practical commitments aimed at driving national development.

She commended the Chief Executive Network Ghana for sustaining the summit over the past decade and creating a strong platform that continues to bring together government, investors and policymakers to shape Ghana’s economic future.

According to the Minister, President John Dramani Mahama’s administration has made it clear that Ghana’s transformation agenda will be driven by industrialisation, innovation, investment and value addition.

She said government’s industrialisation initiatives are already beginning to reshape the structure of the economy by strengthening support systems for industry and encouraging local production.

She noted that Ghana must focus on producing more, processing more and exporting more value-added products to create sustainable jobs and competitive businesses.

“We must strengthen the link between agriculture and industry by connecting farmers, processors and factories to build productive value chains that generate decent jobs and competitive businesses,” she stated.

The Minister explained that leadership remains the first catalyst for economic transformation, stressing that policies alone cannot transform an economy without decisive implementation.

“Policy does not implement itself. It takes leadership that is willing to make difficult decisions, remain accountable and stay committed to the course,” she said.

She further described the government’s 24-hour economy agenda as an example of the kind of structured leadership and long-term commitment required to sustain economic transformation and continuity between government and businesses.

On technology and innovation, Mrs. Ofosu-Adjare stated that businesses must embrace technological advancement to improve productivity, competitiveness and operational efficiency.

According to her, technology is increasingly becoming a critical driver of industrial growth and economic expansion globally.

Mrs. Ofosu-Adjare reiterated government’s readiness to work closely with the private sector to drive industrialisation, value addition, export development and opportunities under the African Continental Free Trade Area (AfCFTA).

“Our aim is simple; to build an economy that produces more, exports more and creates better opportunities for our people,” she said.

The Minister congratulated organisers of the Ghana CEO Summit and participating business leaders for sustaining dialogue between government and industry over the years.

She also expressed appreciation to President John Dramani Mahama for what she described as his consistent support for the private sector.

“I wish to express my sincere gratitude to President John Dramani Mahama for consistently showing up for the private sector, not just in words, but in presence, policy and partnership,” she stated.

Mrs. Ofosu-Adjare concluded by urging the private sector to continue partnering government to build a stronger, more productive and competitive Ghanaian economy.